EPA Finalizes Methane Fee Targeting Oil and Gas Emissions
The new regulation imposes a financial penalty on companies for excessive methane emissions, as the Biden administration seeks to curb climate change impacts.
- The Environmental Protection Agency has introduced a 'Waste Emissions Charge' on methane emissions from oil and gas companies.
- The fee will start at $900 per metric ton in 2024, increasing to $1,500 by 2026, for emissions exceeding 25,000 metric tons annually.
- The rule is part of the Biden administration's strategy to reduce methane emissions by 1.2 million metric tons by 2035.
- Industry groups and some Republicans criticize the fee, arguing it could raise energy prices and strain the national grid.
- President-elect Donald Trump has pledged to repeal the fee, but legal and legislative challenges may complicate such efforts.
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