WASHINGTON—Several Democratic lawmakers said on March 25 they will introduce a resolution on March 26 that would reinstate Obama-era regulations for oil and gas operations targeting methane emissions that former President Donald Trump rescinded last year to ease burdens on industry.
Democrats Martin Heinrich of New Mexico and Ed Markey of Massachusetts and Independent Angus King of Maine are introducing the resolution in the Senate under the Congressional Review Act (CRA), a 1996 law that allows Congress to reverse new federal rules with a simple majority.
A House version will also be introduced by U.S. Reps. Diana DeGette, Scott Peters and Conor Lamb.
The lawmakers aim to reinstate the 2012 and 2016 requirements for the oil industry’s production and processing segments and the requirements for the transmission and storage of methane and volatile organic compounds that were rescinded in August 2020 by the Trump administration.
“By passing this resolution of disapproval, Congress would be taking swift action to reinstate and strengthen responsible methane emission standards, which is critical to confronting the climate crisis and reducing the air pollution harming communities in New Mexico,” Heinrich said in a statement.
The CRA comes as the Biden administration is deploying all federal agencies to seek potential emissions reduction measures to help achieve the new U.S. 2030 target under the Paris climate agreement.
White House climate advisor Gina McCarthy is leading interagency efforts to devise a government-wide plan to ratchet down U.S. emissions that it will announce at a climate leaders’ summit hosted by President Joe Biden on April 22.
Methane, a greenhouse gas, has over 80 times the global warming potential as carbon dioxide in the short term.
Recommended Reading
Matador Offers $750 Million in Senior Notes Following Ameredev Deal
2024-09-20 - Matador Resources will offer $750 million in senior notes following the close of its $1.83 billion Ameredev II acquisition.
Kosmos to Repay Debt with $500MM Senior Notes Offer
2024-09-11 - Kosmos Energy’s offering will be used to fund a portion of its 7.125% senior notes due 2026, 7.750% senior notes due 2027 and 7.500% senior notes due 2028.
The ABCs of ABS: Financing Technique Shows Flexibility and Promise
2024-07-29 - As the number of ABS deals has grown, so have investors’ confidence with the asset and the types of deals they are willing to underwrite.
The ABCs of ABS: Financing Technique Shows Flexibility and Promise
2024-07-29 - As the number of ABS deals has grown, so have investors’ confidence with the asset and the types of deals they are willing to underwrite.
Archrock Offers $500 Million in Secure Notes for TOPS Deal
2024-08-12 - Archrock is raising debt and selling equity to pay for its $983 million acquisition of Total Operations and Productions Services.