EPA rule targets methane emissions, critics say it’ll raise energy costs

[Jack]

FOR THE FIRST TIME, BIG OIL IS GOING TO BE CHARGED FOR ITS METHANE EMISSIONS.

BUT THIS PLAN COULD RAISE ENERGY PRICES FOR EVERYDAY AMERICANS-

AND HOW LONG IT STAYS IN EFFECT REMAINS TO BE SEEN, WITH A NEW ADMINISTRATION PREPARING TO TAKE OVER THE WHITE HOUSE.

THE EPA FINALIZING A NEW RULE THIS WEEK THAT WILL MAKE OIL AND GAS COMPANIES PAY 900 DOLLARS PER TON OF EXCESS METHANE EMISSIONS STARTING THIS YEAR.

THAT FEE IS SET TO INCREASE BY 300 HUNDRED DOLLARS IN 20-25, BEFORE DOING SO AGAIN IN 20-26, HITTING FIFTEEN HUNDRED DOLLARS PER TON BY THAT TIME.

THE RULE WON’T GO INTO EFFECT UNTIL EARLY NEXT YEAR-

THOUGH THE EPA IS SET TO IMPOSE RETROACTIVE FEES ON COMPANIES FOR THEIR METHANE EMISSIONS PRIOR TO THAT.

METHANE, OFTEN REFERRED TO AS A ‘SUPER POLLUTANT,’ HAS OVER 80 TIMES THE WARMING IMPACT OF CARBON DIOXIDE IN THE SHORT TERM.

ACCORDING TO THE INTERNATIONAL ENERGY AGENCY, THESE TYPES OF EMISSIONS HAVE CONTRIBUTED TO  NEARLY A THIRD OF THE RISE IN GLOBAL TEMPERATURES SINCE THE INDUSTRIAL REVOLUTION BEGAN IN THE SEVENTEEN HUNDREDS.

THE EPA CLAIMS THAT BY 20-35 THEIR NEW RULE COULD HELP REDUCE METHANE EMISSIONS BY 1.2 MILLION METRIC TONS-

THE EQUIVALENT OF TAKING NEARLY 8 MILLION GAS-POWERED CARS OFF THE ROAD FOR A YEAR.

OVER THE NEXT 10 YEARS, THE AGENCY SAYS IT WILL ALSO BRING CLIMATE BENEFITS OF UP TO 2 BILLION DOLLARS-

WHILE DRIVING METHANE MITIGATING INNOVATIONS IN THE OIL AND GAS SECTOR.

HOWEVER, OPPONENTS CLAIM THE NEW STANDARDS ARE UNATTAINABLE-

AND WOULD AMOUNT TO A TAX INCREASE ON AMERICAN ENERGY.

INDUSTRY GROUPS AND REPUBLICAN-LED STATES PREVIOUSLY CHALLENGED ANOTHER BIDEN ADMINISTRATION METHANE RULE IN COURT.

BUT LAST MONTH THE CHALLENGE FAILED AS THE SUPREME COURT CHOSE TO NOT BLOCK ENFORCEMENT WHILE THE CASE CONTINUES BEFORE LOWER-LEVEL JUDGES.

THIS NEW RULE IS EXPECTED TO WORK IN TANDEM WITH THE PREVIOUS ONE.

THE AMERICAN PETROLEUM INSTITUTE SAID ITS PREPARING TO WORK WITH CONGRESS TO REPEAL THIS LATEST METHANE REGULATION-

EXPECTING THEY’LL GET A MORE FAVORABLE OUTCOME FOR THEIR INDUSTRY INTERESTS UNDER PRESIDENT-ELECT DONALD TRUMP.

TO GET MORE STORIES ABOUT SHIFTING ENERGY POLICIES AMID THE UPCOMING PRESIDENTIAL TRANSITION IN THE U.S., DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.