The proposal targets production wells, leaks in pipelines and storage facilities and imposes regulations on previously unregulated methane leaks from fracking wells.
"Through our cost-effective proposed standards, we are underscoring our commitment to reducing the pollution fueling climate change and protecting public health while supporting responsible energy development, transparency and accountability," EPA Administrator Gina McCarthy said.
The net benefit to the economy is between $120 and $150 million, according to EPA estimates. A number of the regulations are already voluntarily implemented or in place at the state level.
The regulations are expected to push the United States closer to reaching a 45 percent reduction in methane emissions by 2025 from 2012 levels.
Methane is a 25 times more powerful greenhouse gas compared to carbon dioxide.