Last week, the industry-sponsored Energy In Depth (EID) launched a critique of an analysis by ICF International showing that oil and gas companies can achieve major reductions in their methane emissions at relatively modest cost relative to the price of the natural gas they’re selling. In particular, EID emphasizes that natural gas prices have fallen substantially since the study was done, undercutting the result.
It’s true that natural gas prices have dropped, but the basic conclusion of the study still stands. While commodity prices fluctuate, the fundamental rationale for action hasn’t changed. In fact, over the same timeframe, EPA and other estimates of industry emissions have increased dramatically.
The bottom line is that reducing oil and gas methane emissions remains one of the biggest, most cost-effective opportunities we have for addressing climate change. Read More