The Biden administration is taking significant steps to curb methane emissions from the oil and gas industry. A new EPA rule will impose a fee on companies that exceed certain methane emission thresholds.
This move is part of the Biden administration’s broader effort to combat ‘Climate Change’ and reduce greenhouse gas emissions.
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The new fee is expected to incentivize oil and gas companies to adopt advanced technologies and best practices to reduce methane leaks and emissions. While the fee will initially apply to a limited number of companies, it is anticipated that over time, as the industry adapts, fewer companies will be subject to the fee.
However, the rule is likely to face legal challenges from industry groups, who argue that it imposes excessive burdens and could hinder domestic energy production.
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Environmental groups have praised the EPA’s action, calling it a crucial step in addressing climate change. They argue that the oil and gas industry has a responsibility to reduce its environmental impact.
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