White House Proposes Fines for Oil and Gas Companies Over Methane Emissions — OPIS ...Middle East

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White House Proposes Fines for Oil and Gas Companies Over Methane Emissions — OPIS
The Biden administration on Friday released its proposal for determining how oil and natural gas companies will be fined for methane emissions, part of its ongoing effort to reduce release of the potent greenhouse gas. The fees, which start at $900/metric ton this year and rise to $1,500/mt in 2026, were authorized under the 2022 Inflation Reduction Act, which left it to the administration to establish the mechanism for imposing the penalties. The administration said the proposed rule would impose charges on companies whose emissions exceed specified levels. The administration said the fines are intended to prod companies to replace leaky equipment and take other steps to reduce emissions

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