Interior Department Moves to Cut Red Tape for Oil and Gas Industry
The S. Department of the Interioris proposing updates to reduce costly regulations on the offshore oil and gas industry, freeing up billions of dollars for investment, exploration, production, and job growth. The proposal would roll back requirements from a 2024 rule that forced companies to set aside about $6.9 billion in supplemental financial assurance. Roughly $6 billion of that burden would have fallen on small businesses, which make up most of the operators on the Outer Continental Shelf. The change is expected to save the industry about $484 million each year in compliance costs. Interior Department Moves to Cut Red Tape for Oil and Gas Industry – electrifiED