A provision from the sweeping climate and healthcare law signed by President Joe Biden would reduce methane emissions often caused by the oil and gas industry.
PUBLISHED 5:52 PM EDT Aug. 24, 2022
The EPA is set to release, by early next year, comprehensive methane regulations for the oil and gas industry The Inflation Reduction Act creates a methane emissions reduction program, which will impose fees on methane leaks above a certain threshold starting in 2024. The law also includes $1.5 billion to incentivize the oil and gas industry to changes it practices and meet reductions.
"It will require them is to invest in leak detection technologies, and will require them to replace certain valves and certain tanks. All of those things are good and are happening right now, at a pace that companies can afford to quickly innovate. But the difficulty is in an imposed tax coming from the government," Modglin added.
“I’m hoping that we will see significant reductions in methane. Methane is kind of that low hanging fruit that we have to quickly reduce overall greenhouse gas emissions by subsidizing some of these controls that are being pushed," Lewis continued. "It's important that we keep the climate change message at the front.
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