By Stephen Moore. Recently the Environmental Protection Agency (EPA) announced major new regulations on the emissions of methane into the air from oil and gas production. It calls methane a “potent” pollutant and its new rules would require a 45 percent reduction by 2025 from 2012 levels. Most Americans support these new rules, according to polling from environmental groups. This isn’t surprising. Methane sounds like a dirty and dangerous pollutant and even deadly if leaked into water or the air.
However, methane is just another term for the main component of natural gas. Drillers have a powerful motive to stop leakage on their own, because they want to sell it, not spill it.
How much of a menace is methane from the oil and gas industry? The amount of leakage into the atmosphere is minuscule, says Dan Kish of the Energy Research Institute. “Cows emit more methane when they pass gas than the natural gas industry,” he notes. Look for the EPA to start regulating cattle.
Green groups such as the Environmental Defense Fund warn that emissions will increase through 2018 and have been claiming that drillers spew more methane into the atmosphere than ever before, that it is “84 times more potent” a pollutant than carbon dioxide, and new regulations are overdue. (Read more about EPA’s newest strategy to restrict drilling HERE)
Experts: $5 Gas on the Way
By Kate Scanlon. You might want to consider filling up your tanks, America. One expert is warning $5 per gallon gas is on its way.
John Hofmeister, the former president of Shell Oil, warns that we should “[e]njoy the price, because it’s going to go back up.”
“The next round of high prices is likely to start later this year, as crude rebounds to the $80s and $90s, perhaps pushing to the $100 level by late in the year or early next,” Hofmeister told USA Today.
Prices per barrel as high as Hofmeister projects would mean a significant hike in the price you pay at the pump. (Read more about how Obama is trying to destroy US energy production HERE)