Biden admin proposes new oil and gas regulations despite rising prices

MARIA: WELCOME BACK. PRICES AT THE PUMP ON THE RISE DUE TO NEW REGULATIONS PROPOSED WITH BY THE BIDEN ADMINISTRATION. LIZ WHAT HU IS -- LYDIA HU IS LIVE IN NEW JERSEY THIS MORNING WITH THAT. GOODGOOD MORNING TO YOU. >> Reporter: THE ENVIRONMENTAL PROTECTION AGENCY CONNING FIRMED WITH FOX BUSINESS THAT IT IS CONSIDERING A PROPOSED RULE TO ADDRESS METHANE LEAKS BE BY OIL AND GAS COMPANIES. THERE'S NO TIMELINE ON WHEN THIS RULE COULD BECOME FINALIZED, BUT IT WILL BECOME PUBLIC IF FOR REVIEW AND COMMENT BEFORE IT IS FINALIZED. REPORTS SUGGEST THIS PROPOSED RULE WILL CREATE A SET SCHEDULE BY WHICH OIL AND GAS COMPANIES MUST INSPECT THEIR INFRASTRUCTURE FOR METHANE LEAKS AND ALSO DICTATE THAT THEY USE PARTICULAR EQUIPMENT TO PREVENT AND ADDRESS THOSE LEAKS. ALREADY THE RULE IS ACTUALLY GETTING SUPPORT FROM MAJOR PLAYERS IN THE OIL AND GAS INDUSTRY LIKE THE MESH PETROLEUM -- AMERICAN PETROLEUM INSTITUTE. THAT IS THE LARGEST LOBBYING GROUP. THEY SAY THEY ARE WORKING WITH THE ADMINISTRATION ADDING, QUOTE: WE'VE MADE SIGNIFICANT PROGRESS AS AN INDUSTRY OTHER OVER THE LAST DECADE AS U.S. METHANE EMISSION RATES HAVE DECLINED NEARLY 70%, BUT WE KNOW THERE'S MORE WORK TO BE DONE. MARIA, IT IS WHAT DEMOCRATS ARE DOING IN THE $3.5 TRILLION RECONCILIATION PACKAGE THAT IS DRAWING CONCERN AND DOES NOT HAVE THE SUPPORT FROM THE IF INDUSTRY. DEMOCRATS HAVE INCLUDED THE METHANE EMISSIONS REDUCTION ACT. IT WILL CHARGE COMPANIES FEES FOR THEIR METHANE EMISSIONS. THE OIL LOBBY ESTIMATES THE FEE WOULD COST THE ECONOMY MORE THAN $9 BILLION AND AS MANY AS 90,000 JOBS. IF OTHER INDUSTRY EXPERTS SAY IT'S GOING TO END UP COSTING THE CONSUMER MORE. >> THE IMPOSITION OF A FEE ON METHANE EMISSIONS ULTIMATELY IS GOING TO BE PASSED THROUGH TO THE CONSUMER. ULTIMATELY, THAT MEANS LESS DRILLING AND LESS JOBS THAT ARE GOING TO BE CREATED IN THE FUTURE. >> Reporter: NOW, BOTH THE PROPOSED RULE AND THESE LEGISLATIVE FEES COME AT A TIME WHEN GAS PRICES AT THE PUMP ARE ALREADY HIGH. THE NATIONAL AVERAGE STANDS AT $3.19. GAS RIGHT NOW COSTS 40 MORE THAN IT DID A YEAR AGO -- 40% MORE. EXPERTS TELL ME THESE CHANGES WOULD NOT LEAD TO AN IMMEDIATE SPIKE IN GAS PRICES, BUT IT

Channel: Fox Business

Views: 71,805

Rating: 4.8145199 out of 5

Keywords: Biden administration, Business, Environmental Protection Agency, Fox Business, Fox Business Network, Joe Biden, Lydia Hu, Maria Bartiromo, Mornings with Maria, News, White House, economy, energy, gas, industries, markets, markets|oil, methane leaks, oil, personality, politics, reporter hit, special

Id: SzHWjjrUf-I

Length: 2min 33sec (153 seconds)

Published: Mon Sep 27 2021