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Biden Admin Proposes New Regulations and Taxes on Oil and Gas Industry

The Biden administration is currently suggesting the implementation of a fresh tax on natural gas. As part of his initial actions, President Biden terminated numerous job opportunities and halted the progress of the Keystone XL pipeline project.

Following the cancellation of the Keystone Pipeline by Biden, there was an immediate surge in gas prices.

Since then, he has persistently targeted the ‘fossil fuel’ industry and further diminished the Strategic Petroleum Reserve.

Currently, Biden is putting forth proposals for additional regulations and taxes on the fossil fuel sector.

“Under President Biden’s leadership, EPA is delivering on a comprehensive strategy to reduce wasteful methane emissions that endanger communities and fuel the climate crisis,” EPA Administrator Michael Regan said in a statement. “Today’s proposal, when finalized, will support a complementary set of technology standards and historic resources from the Inflation Reduction Act, to incentivize industry innovation and prompt action.”

“We are laser-focused on working collectively with companies, states and communities to ensure that America leads in deploying technologies and innovations that aid in the development of a clean energy economy,” he continued.

Fox News reported:

The Biden administration unveiled a new regulatory proposal Friday that would introduce a new tax on the fossil fuel industry, punishing producers that exceed a certain level of methane emissions.

The Environmental Protection Agency (EPA), which spearheaded the proposal, said it will help “tackle wasteful methane emissions” from the oil and gas sector, encouraging facilities with the highest emissions levels to meet or exceed higher levels of performance. The proposed rules would create the so-called Waste Emissions Charge, which begins at $900 per metric ton of wasteful emissions in 2024, and increases to $1,200 for 2025 and $1,500 for 2026 and beyond.

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Joe Messina

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