The Big Story 

The Biden administration on Wednesday finalized new rules for drilling for oil and gas on public lands —  saying that it will both cut down on wasted fuel and planet-warming emissions from the production of these fossil fuels.

© The Associated Press

The rules would require oil and gas drillers to either certify that they will capture all of the oil and gas produced by their wells or come up with a plan to reduce wasted gas.

The Interior Department said that this rule will result in $51 million per year in more government revenues and $17.9 million in climate-related benefits to society.

A proposed version of the rule was expected to have climate benefits equivalent to taking nearly 1.6 million gas-powered cars off the road. It’s not immediately clear whether that figure had changed in the final rule.

“By leveraging modern technology and best practices to reduce natural gas waste, we are taking long-overdue steps that will increase accountability for oil and gas operators and benefit energy communities now and for generations to come,” Interior Secretary Deb Haaland said in a written statement.

The rule is expected to save industry $1.8 million per year from lost gas, but cost them $19.3 million per year to comply with.

Read more at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.

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Essential Reads 

How policy will affect the energy and environment sectors now and in the future:

Climate change endangers 70 percent of world’s wine regions: Study

Last coal plants in New England to close; renewables take their place

Biden administration announces $1.5 billion loan for first reopening of a shuttered nuclear plant

In Other News 

Branch out with a different read from The Hill:

Arizona GOP leaders, Chamber sue EPA over new air pollution standard

A group of prominent Arizona Republicans sued the Environmental Protection Agency (EPA) on Tuesday over new air pollution regulations that they claim will hurt the economy.

What We’re Reading 

News we’ve flagged from other outlets touching on energy issues, the environment and other topics:

• Last coal plants in New England to shut down after lawsuits (New Hampshire Bulletin)

   

• Polluted Michigan farm could offer solutions for PFAS in food supply (The Detroit News)
  
  

• The Worst Climate Disaster You Haven’t Heard Of Just Got More Deadly (HuffPost)

What Others are Reading 

Two key stories on The Hill right now:

Joe Lieberman, first Jewish vice-presidential nominee of a major party, dies at 82

Former Sen. Joe Lieberman (Conn.), who became the first Jewish vice-presidential candidate of a major party when Al Gore selected him as his running mate in the 2000 election, has died at age 82. Read more

Greene says she won’t take blame if Jeffries becomes Speaker

Rep. Marjorie Taylor Greene (R-Ga.) said Tuesday that it is not her fault if House Minority Leader Hakeem Jeffries (D-N.Y.) is promoted to the House’s top role after she filed a motion to vacate Speaker Mike Johnson (R-La.) from the position last week. Read more