Kyle Isakower, vice president of regulatory and economic policy for the American Petroleum Institute, said that overall shale production in the U.S. could be impacted by President Obama’s costly new regulations on methane emissions.

Shale production has lowered energy costs for American consumers by $700 per year at the gasoline pump and by $1,200 in home utility bills, he said March 10.

Additionally, Reuters reported that on March 10, President Obama and Canadian Prime Minister Justin Trudeau agreed on joint steps to cut methane emissions from oil and gas operations. Methane, which can leak from pipelines and valves, is a powerful greenhouse gas, with up to 80x the potential of carbon dioxide to trap the planet's heat.

The two countries committed to cutting methane by 40% to 45% below 2012 levels by 2025, to take steps to fight climate change in the Arctic, and to speed development of green technologies.

The Environmental Protection Agency (EPA) will begin developing regulations for methane emissions from existing oil and gas sources immediately, and "will move as expeditiously as possible to complete this process," the joint agreement said.

The EPA will collect emissions data from energy companies before embarking on a rulemaking process.

Meanwhile, Environment and Climate Change Canada intends to propose initial regulations by early 2017 in collaboration with provinces, territories and indigenous groups.

The countries will also encourage state and provincial governments to share lessons learned about designing carbon markets.

The American Petroleum Institute is based in Washington, D.C.