"The Environmental Protection Agency (EPA) issued a final rule Tuesday that implements a charge for oil and gas companies that release too much of the planet-warming gas methane.
The fee was passed as part of 2022’s Inflation Reduction Act, Democrats’ climate, tax and health care bill. However, it may not remain in the law for long, as Republicans already say they will repeal it after their recent electoral wins.
Methane is a planet-warming pollutant that is about 28 times as powerful as carbon dioxide. Oil and gas production is one major source of methane emissions, because methane — the main component of natural gas — is sometimes released or burned during that process.
Under the 2022 law, companies that emit methane at levels equivalent to 25,000 metric tons of carbon dioxide each year must pay for their excess emissions. That fee is $900 per metric ton this year, $1,200 for emissions next year and $1,500 for emissions the following year."
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