EPA finalized regulations Tuesday for a fee that oil and gas companies could begin paying on excess methane emissions next year — if Republicans don’t repeal it first.
The rule guides implementation of a levy created by the 2022 climate law and is the last important climate standard of the Biden administration. It was unveiled at an event on the sidelines of this year’s U.N. climate conference in Baku, Azerbaijan, shortly before a U.S.-China methane summit.
EPA Administrator Michael Regan, who did not attend the global meeting, said in a statement that the rule is “the latest in a series of actions under President Biden’s methane strategy to improve efficiency in the oil and gas sector, support American jobs, protect clean air, and reinforce U.S. leadership on the global stage.”
EPA estimated that the levy would keep 1.2 million metric tons of methane out of the atmosphere through 2035 and deliver “up to $2 billion” in climate benefits.
