Connect with us

Hi, what are you looking for?

Commodities & Futures

Senators float a price on methane to curb U.S. oil, gas emissions

Commodities40 minutes ago (Mar 09, 2021 04:30PM ET)

(C) Reuters.

By Valerie Volcovici

WASHINGTON (Reuters) – Three Democratic U.S. senators on Tuesday floated a bill that would take a new approach to curbing emissions from methane from oil and gas production – putting a price on it.

Senators Sheldon Whitehouse, Cory Booker and Brian Schatz introduced the Methane Emissions Reduction Act, which directs the Department of Treasury to assess a fee on the potent greenhouse gas beginning in 2023 – a move they say could end those emissions, help achieve climate change targets and improve air quality in communities near oil and gas facilities.

The bill also calls on Treasury to work with the Environmental Protection Agency and the National Oceanic and Atmospheric Administration to develop a program to monitor and measure methane emissions from each major oil producing basin.

“This bill will hold oil and gas companies financially responsible for their methane pollution and make methane emissions from fossil fuel production cost prohibitive, steps that will go a long way in the fight against climate change and to protect air quality in local communities,” Booker said.

National Climate Adviser Gina McCarthy said the Biden administration is working to propose new regulations https://www.reuters.com/article/us-usa-climate-biden/biden-team-in-talks-with-utilities-car-companies-about-emissions-climate-adviser-idUSKBN2A31JH to curb methane emissions on federal and private land by September, replacing and strengthening regulations that the Trump administration had revoked.

Special Climate Envoy John Kerry has said the U.S. will work to align methane regulation with other countries https://www.reuters.com/article/us-usa-canada-meeting-climate/biden-says-u-s-canada-to-work-toward-achieving-net-zero-emissions-by-2050-idUSKBN2AN2K2, such as Canada.

The fee the bill envisions would be assessed on a basin-by-basin basis and cover all companies that produce, gather, process, or transmit oil or natural gas, the senators said, and would be based on a formula factoring in the company’s gas production and methane rate.

Companies that already voluntarily reduce methane will be able to opt out of the fee by demonstrating their emissions intensity is below the average of the operating basin.

Funds raised from the fee go into the National Coastal Resilience Fund, a program administered by the National Fish and Wildlife Foundation and NOAA to prepare communities for climate change.

Senators float a price on methane to curb U.S. oil, gas emissions

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved