The Environmental Protection Agency proposed new regulations Thursday that it said would dramatically reduce polluting emissions from oil and natural gas operations, with “a net savings to the industry of tens of millions of dollars annually from the value of natural gas that no longer would escape in the air.”

The regulations would apply to new wells that are hydraulically fractured to stimulate greater production, as well as older wells that are re-fractured. They would also cover facilities such as natural gas processing plants, gas compressor stations and storage tanks at well sites.

“Reducing these emissions will help cut toxic pollution that can increase cancer risks and smog that can cause asthma attacks and premature death — all while giving these [oil and gas] operators additional product to bring to market,” EPA official Gina McCarthy said in a statement.