This morning, the U.S. Environmental Protection Agency announced its anticipated strategy to reduce U.S. emissions of methane from the oil and gas industry. The Agency aims to achieve a 40 to 45 percent cut from 2012 levels in the next 10 years.

Key points of the plan:

New and modified sources only (for now) – The plan focuses on voluntary measures for existing oil and gas sources to reduce methane emissions and will directly regulate only “new or modified” sources. However, the activity in the oil and gas sector suggests that “new” sources may be a substantial group. The key question is just how broad a net the rule’s definition of “modified” will cast.