A new federal regulations designed to cut methane emissions in the oil and gas industry has the Texas Railroad Commission up in arms.
Related: New Ruling to Slash Methane Emissions
President Obama revealed the latest regulations as part of his broader plan to fight climate change. The plan requires oil and gas companies to cut methane pollution from drilling sites, distribution systems and in other areas of operation by 32 percent from 2005 levels by 2030.
Oil and gas producers are already fatigued from months of low crude prices and new regulations may be more than most can handle. The EPA estimates that the ruling might cost the industry as much as $420 million.
Commenting on the new ruling, Texas Railroad Commission Chairman David Porter said, “Like the Clean Power Plan, these burdensome rules will be used by the EPA as a weapon in President Obama’s war on fossil fuels. These excessive regulations are another blatant attack on the oil and gas industry that will further impede America’s energy security, kill jobs and put even more stress on our national and state economies.”
If Porter is right, then that means less drilling that trickles down to you, the mineral owner.