What the oil and gas industry is really telling us about climate change and jobs
The fossil fuel industry, once seen as a bastion of American industry, is now telling us the world is changing.
In a paper published on Wednesday, the U.S. Environmental Protection Agency (EPA) said it will require the oil industry to limit its greenhouse gas emissions by 2025, and that it will mandate that oil companies submit a plan to cut greenhouse gas pollution by 2025.
The plan will include a cap on carbon dioxide emissions, which will require that companies meet specific emissions reduction targets.
The proposal also will require companies to reduce greenhouse gas intensity (GHGs) from their operations, which include drilling, fracking, and upgrading equipment to make it more efficient.
It will also require that they reduce their GHG emissions by up to 20% by 2030, and by 50% by 2050.
The new requirements will come as the world’s economies are shifting toward cleaner sources of energy, and as the cost of fossil fuels has dropped substantially.
According to the latest statistics from the U