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On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA: H.R. 5376) into law. Among other climate related provisions, IRA includes charges on methane emissions for the oil and gas industry.
These excess emission charges will only apply to methane emissions from specific types of oil and gas facilities required to report their greenhouse gas (GHG) emissions to the Environmental Protection Agency’s (EPA) Greenhouse Gas Emissions Reporting Program (GHGRP).
The Congressional Budget Office estimates that the methane fee will generate gross revenue of approximately $1.1 billion in 2026 and will reach the maximum limit of $1.9 billion in 2028.
The charge would apply only to petroleum and natural gas system facilities required to report GHG emissions under 40 CFR Part 98, Subpart W or facilities emitting 25,000 metric tons of CO2 equivalent (mtCO2e) or more per year. Facilities in the following industry operations are subject to the change[1]:
IRA provides exemptions from the Methane Charges in some circumstances that will be further codified in the Clean Air Act, including:
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