Staff Reports
Joe Biden appears to be taking one last swing at the energy sector as he prepares to leave the White House, and it’s a head-scratcher worthy of a sitcom finale. Rather than savoring his remaining months in office, the President decided to slap a new tax on methane emissions from the oil and gas industry. It seems the outgoing administration wants to make a statement, but instead, it raises eyebrows more than it raises hopes.
The new methane tax, finalized by Biden’s Environmental Protection Agency, is a product of the Inflation Reduction Act. This sweeping climate legislation mandated a Waste Emissions Charge, but it was up to Biden’s team to decide just how heavy a hand to apply. Starting in 2024, oil and gas companies will face a $900 fee for every metric ton of methane emitted over a certain performance level, with that number set to rise steeply in subsequent years. By 2026, it’s projected to hit $1,500 per ton. There’s a light at the end of this grind, however, as the arrival of new leadership at the EPA in January could put an end to this nonsense.
What’s particularly baffling is that even some environmental activists are considering this rule little more than a drop in the ocean. Experts in the field point out that the vast majority of greenhouse gases in the atmosphere are actually water vapor and carbon dioxide. Methane, while a more potent greenhouse gas, is hardly the walking disaster it’s made out to be—especially when it’s not the biggest player in the greenhouse game. The new regulation targets oil and gas, while conveniently ignoring the agricultural sector, which is a major source of methane due to natural processes, including, yes, cow flatulence.
Biden, on His Way Out the Door, Slams Energy Sector With Methane Tax https://t.co/hb0Dk9UqrR
— The Voter's Guide: to politics 🇺🇸 (@TheVotersGuide) November 15, 2024
This focus on methane emissions brings up some curious contradictions. The idea of blaming energy producers while ignoring agricultural methane sources, like those from the millions of bison that once roamed the plains, is comical. It almost feels like a scene from a farcical play where the main characters are failing to grasp the real story surrounding their plot.
To those observing, it seems evident this is more about virtue signaling than effective policy. Biden’s administration appears to push through regulations simply to claim they’ve done something, despite knowing full well that a swing back to Trump’s policies is practically a foregone conclusion. This slapdash effort to leave a mark leaves many wondering what else could be pulled from the playbook during these waning days. Yet, one thing is indisputably clear: the clock is running, and no matter how loud they shout, they are on their way out the door.
