Oil pipeline industry must act to address methane leaks, U.S. says

Jun. 07, 2021 7:56 PM ETEnergy Select Sector SPDR ETF (XLE), XOP, VDE, GUSHIYE, OIH, IEO, IEZ, XES, BGR, ERXBy: Carl Surran, SA News Editor43 Comments
  • Oil and gas pipeline operators received an advisory today from the U.S. Department of Transportation directing them to update their inspection and maintenance plans with the intent of curbing the release of methane gas from their operations.
  • The DoT's Pipeline and Hazardous Materials Safety Administration is seeking to prod companies to begin to comply with the new PIPES Act, which creates dozens of new regulatory mandates for the agency including the oversight of methane leaks by natural gas pipelines and transmission systems.
  • The PHMSA advisory tells operators that they must have inspection and maintenance plans in place by year-end to minimize methane emission releases and repair or replace outdated leaking pipes, adding that the agency will enforce the new rules in January 2022.
  • ETFs: XLE, XOP, VDE, GUSH, OIH, ERX, BGR, XES, IYE, IEO, IEZ
  • The industry has been more supportive of government policies intended to address climate change; the American Petroleum Institute has pledged to support legislation to price carbon emissions and cut down on methane emissions.

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