Even though gas prices and methane emissions from fracking have significantly decreased recently – according to data from the Environmental Protection Agency (EPA) – the White House has proposed regulations that would cut emissions even further, raising prices once again.
Obama EPA Regulations America Fracking Revolution Boom http://t.co/N8IM5GfiTP
— Hydraulic Fracturing (@HydraulicFRRact) January 15, 2015
The Salt Lake Tribune reported Thursday that gas prices have dropped 66 cents over the past month, the largest decrease in over six years, according to The Associated Press. In spite of the progress, Investors Business Daily points out the EPA announced a new plan Wednesday that would cut oil emissions of methane by 45 percent below 2012 levels, a move the publication called “draconian.” The publication continued:
It is an alleged threat of methane to the Earth’s climate that has green groups pushing the EPA to limit hydraulic fracturing, or fracking, a technology that has spawned a job-creating oil and natural-gas boom. It has also been used as a weapon against the Keystone XL pipeline, which would ship oil from Canada’s oil sands and North Dakota’s Bakken shale formation to our Gulf Coast refineries.
Reported methane emissions from petroleum and natural gas systems have decreased by 12 percent since 2011, with the largest reductions coming from hydraulically fractured natural gas wells, which have decreased by 73 percent during that period. EPA expects to see further emission reductions as the agency’s 2012 standards for the oil and gas industry become fully implemented.
This is how a few people reacted to the announced regulations:
— Manufacture Alabama (@ManufactureAla) January 15, 2015
Even ahead of the announcement, some state legislators in Indiana proposed a bill that would cease recognition of all EPA regulations, placing all environmental authority under Hoosier State control, The Tenth Amendment Center reported.
— TenthAmendmentCenter (@TenthAmendment) January 15, 2015
h/t: Hot Air