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US tightens methane emissions with new oil and gas industry regulations (NYSEARCA:XLE)

oil pump at sunset

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The Biden administration announced plans on Friday to tightening regulations against methane emissions from domestic oil and gas drilling, including requirements for drillers to fix all leaks, not just the largest.

New measures have been revealed at the United Nations COP27 conference in Egypt, where President Biden seek to re-establish America as “a trusted, committed, global leader on climate”, after the country withdrew from the Paris climate accord under former president Trump.

The rules will also force reductions in methane emissions from combustion equipment and create a system to quickly detect leaks from “super-emissions” locations so operators can repair them more quickly. and advise local community residents.

The US Environmental Protection Agency said the proposed standards would cut methane from the oil and gas sector by 87% compared to 2005 levels; The agency will solicit public comment on the rules through February 13 and is expected to finalize it by the end of 2023.

Crude oil prices fell for the week, with Nymex crude (CL1:COM) December delivery -3.9% to 88.96 USD/barrel and January Brent crude oil (CO1:COM) -2.6% to $95.99/barrel this week.

But crude oil rose the following Friday China relaxes some strict rules on COVID-19and energy (NYSEARCA:XLE) was the top performer for the day among 11 S&P 500 sectors, ending the fourth straight week of gains.

Top 10 energy and resource stocks that have increased in the past 5 days: (MUX) +41.2%(RIPE) +39.3%(FLUSH) +37.6%(GFI) +33.7%(FANG) +30.2%(CENX) +30.2%(EUROPE) +24.8%(KWR) +23.5%(SILV) +23.1%(AU) +22.9%.

Top 5 energy and resource sectors with the biggest decline in the past 5 days: (GTLS) -39.5%(PEGY) -19.2%(GNE) -18.7%(EBR) -17.6%(AQN) -15.9%.

Source: Barchart.com



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