Obama considers new climate regulations for oil, gas sector
Source: Reuters
The White House said on Friday it will take a hard look at whether new regulations are needed to cut emissions of methane from the oil and gas industry, part of President Barack Obama's plan to address climate change.
The suggestion drew a sharp rebuke from the main oil and gas lobby group. The American Petroleum Institute said its members were already taking steps that will cut emissions and expressed concern that more regulations could put a damper on natural gas drilling by raising costs.
But environmental groups said regulations are needed to make sure all players take action to reduce methane emissions. The greenhouse gas is 84 times more effective than carbon dioxide at trapping heat in the first 20 years after being released, according to the U.N. Intergovernmental Panel on Climate Change.
The White House said regulators will propose new rules later this year to reduce venting and flaring from oil and gas wells on public lands, one way to begin cutting emissions of methane.
Read more: http://www.reuters.com/article/2014/03/28/us-usa-climatechange-obama-idUSBREA2R10P20140328