The EPA says it's time for oil and gas companies
to pay up.
Yes, Sir.
We're learning new details surrounding a new policy to charge
companies that emit dangerous levels of methane gas.
But is Sean Langella reports the future of those policies
face a rocky future under president-elect Trump.
It's a first the Environmental Protection Agency announcing new regulations
Tuesday, citing how oil and natural gas companies will have
to pay a federal fee if they release harmful amounts
of methane.
We need rapid change on a scale that we've never
seen before.
Methane is the greenhouse gas, more potent than carbon dioxide.
It traps heat in the atmosphere, causing temperatures to creep
up.
While methane naturally exists, scientists say the gas generated by
global fossil fuel use in production is amplifying the issue.
About half of the emissions we've detected in the last
year, so about 47% to be more precise, are from
the oil and gas industry, while waste management emissions comprise
about a third 33%.
According to the EPA policy, companies emitting excess methane in
2024 could be charged $900 per ton.
These could rise to $1500 per ton by 2026.
All fossil fuels actually increase in 2024, gas and oil.
So oil had a massive drop during COVID because of
the lack of travel and that's been steadily increasing and
now it's back to its pre pandemic levels.
The rule, however, will not become final until early next
year and its survival is uncertain.
president-elect Donald Trump tabbed former New York Congressman Lee Zeldin
to lead the EPA in its upcoming term.
Analysts expect climate regulations signed by President Joe Biden will
be reversed under Trump to increase U.S.
oil and gas production.
In the past year, we've detected more emissions than ever
before, despite global pledges and plans to reduce those emissions
made at COP 28.
This comes as the United Nations climate summit presses on
overseas, with officials debating how to finance clean energy solutions.
Sean Angel, Fox News.