January 1, New Methane Tax Sparks Debate on Climate Impact

Hey folks, let’s talk about something happening in our country right now. President Biden’s team just made a new rule. They’re putting a tax on methane emissions from oil and gas companies.

This rule comes from a big climate bill they passed, called the Inflation Reduction Act. Starting in 2024, they’ll charge $900 for every ton of methane over a set amount. And get this, it goes up each year – $1,200 in 2025 and $1,500 in 2026.

The Biden folks say this is to make oil and gas work better, create jobs, and keep our air clean. But is that really what it’s doing?

Steve Milloy, a smart guy from the Energy and Environmental Legal Institute, says this whole thing doesn’t matter much. He says most of the greenhouse gases are really water vapor and carbon dioxide, not methane.

He also says that the rule only targets oil and gas, not farms. And guess what? Cows and fields actually make a lot of methane too!

Milloy also thinks this will help Big Oil and hurt the small companies. Why? Because the big guys can handle taxes better than the little ones.

Rep. Greg Murphy from North Carolina agrees, saying this tax will just make everything more expensive and stop people from investing.

Good news is that some think this will change when the new leaders come in. President-elect Trump has said he plans to change a lot of Biden’s climate laws. He’s also choosing new people like Lee Zeldin for the EPA to help do that.

So, we’ll see what happens next. But for now, it looks like more taxes and higher costs are coming our way.

Wyatt Matters!

There’s a new rule coming in about methane emissions, and it might not be as helpful as some people think. The government will charge oil and gas companies for methane they release. The idea is to make these companies better, create jobs, and help the environment. But some smart people think this rule might not work that well. They say the real problem with greenhouse gases isn’t just methane but also water vapor and carbon dioxide. Plus, this rule doesn’t look at all the methane from farms, where cows and fields also make a lot.

Some folks worry this new methane rule might actually hurt small companies more than the big ones. Big oil companies have more money to handle these taxes, but smaller businesses might struggle. If small companies can’t keep up and things get too expensive, people might stop investing. This sounds like it could hurt jobs and make things cost more instead of helping.

But there could be changes soon. Some are hoping that when new leaders come, they might change the rule. The idea is that different rules might focus better on what’s really needed to help the environment without making everything more expensive. For now, we’ll have to wait and see how this all plays out and hope it doesn’t mean higher costs for everyone.

As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.

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