{"id":1841,"date":"2024-06-07T11:31:56","date_gmt":"2024-06-07T16:31:56","guid":{"rendered":"https:\/\/blogs.edf.org\/markets\/?p=1841"},"modified":"2024-06-07T11:32:20","modified_gmt":"2024-06-07T16:32:20","slug":"clearing-the-air-how-new-rules-for-oil-gas-facilities-offer-major-wins-for-the-environment-and-economy","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/markets\/2024\/06\/07\/clearing-the-air-how-new-rules-for-oil-gas-facilities-offer-major-wins-for-the-environment-and-economy\/","title":{"rendered":"Clearing the Air: How New Rules for Oil & Gas Facilities Offer Major Wins for the Environment and Economy"},"content":{"rendered":"

This blog <\/span>post<\/span> was authored by Lauren Beatty<\/a>, High Meadows Postdoctoral Economics Fellow<\/span>\u00a0and Aaron Wolfe<\/a>, Senior Economics and Policy Analyst.<\/span><\/em><\/p>\n

\"Image<\/p>\n

Methane pollution caused by oil and gas production in the U.S. is a major contributor to climate change and releases health-harming pollution into nearby communities. <\/span>New EPA rules<\/span><\/a> are projected to slash methane emissions from covered sources by 80%.\u00a0<\/span>\u00a0<\/span><\/p>\n

Between 2024 to 2038, EPA projects a reduction of 58 million tons of methane\u2014equivalent to removing nearly a billion cars from the roads for a year\u2014along with slashing 16 million tons of smog-forming volatile organic compounds (VOC) emissions and 590,000 tons of air toxics. Many of the common-sense measures in the rules will lead to economic and environmental benefits for Americans and have already been adopted by leading states and operators.<\/span> They also result in capturing otherwise wasted gas. <\/span>EPA estimates<\/span><\/a> that by 2033, increased recovery of gas will offset $1.4 billion per year of their compliance costs.<\/span>\u00a0<\/span><\/p>\n

In response to <\/span>arguments<\/span><\/a> from the oil and gas industry that the rules will harm operators, EDF\u2019s Economics team analyzed the economic impacts of the regulations, including their effect on small producers, marginal wells, and consumers. We found that:<\/span>\u00a0<\/span><\/p>\n