US Congress is reversing a tax on this climate superpollutant

illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:

🗞️ Driving the news: The Senate voted 52-47 to overturn an EPA rule that fined oil companies for methane emissions, following a similar House resolution
• The rule, introduced under Biden, set a fee starting at $900 per metric ton in 2024, increasing to $1,500 by 2026
• Trump is expected to sign the measure into law, continuing efforts to dismantle Biden-era climate policies

🔭 The context: Methane is a potent greenhouse gas, trapping 80 times more heat than CO₂ in the short term
• The EPA estimated its rule would have prevented 1.2 million metric tons of methane emissions—equivalent to taking nearly 8 million gas-powered cars off the road for a year
• Some large oil firms supported methane regulations, but smaller companies opposed them, citing financial strain

🌍 Why it matters for the planet: Methane is responsible for nearly a third of global temperature increases since the Industrial Revolution
• Rolling back these fines weakens incentives for oil companies to control methane leaks, worsening climate change (see sustainability performance of companies like Equinor, Enel Group and Chevron)
• Environmental groups argue this repeal wastes natural gas that could otherwise be sold, increasing pollution and economic inefficiencies

⏭️ What's next: While the methane rule is repealed, the EPA still has a legal obligation to regulate methane under the Inflation Reduction Act
• Industry groups want Congress to eliminate the methane fee entirely, while environmental advocates push for stricter emissions controls
• The Senate will soon vote on reversing energy-efficiency standards for tankless gas water heaters

💬 One quote: “These attacks on the methane polluter fee will create uncertainty for oil and gas producers, waste America’s natural resources, and harm Americans’ health and the economy.” – Jon Goldstein, Environmental Defense Fund

📈 One stat: The repealed EPA rule aimed to cut 1.2 million metric tons of methane emissions, equal to removing nearly 8 million gas-powered cars from U.S. roads for a year

See here detailed sustainability performance of companies like Equinor, Enel Group and Chevron

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