Summary
Rising methane emissions are a concern for the U.S. oil and gas industry. A report warns that not controlling methane leaks could affect trade and profits as countries adopt stricter import rules. President Trump has stopped regulations that would have imposed fees on methane emissions.
Key Facts
- Methane emissions are increasing, posing a challenge for the oil and gas sector.
- Methane controls can significantly reduce emissions at a relatively low cost, impacting only 2% of the sector's annual earnings.
- Over 70% of possible emission reductions can come from the oil and gas industry.
- The European Union and other countries are creating import rules that charge for greenhouse gas emissions.
- U.S. companies need to show their emissions levels to meet global trade standards for natural gas.
- President Trump has blocked new regulations and fees designed to control methane leaks.
- Industry group API states that methane emissions from land-based production have fallen by 42% from 2015 to 2023.
- The oil and gas industry contributed about $239 million to Republican causes in the 2024 election cycle.
