President Trump Expected to Repeal Offshore Oil Drilling Regulations
US President Donald Trump’s administration is considering shredding a many regulations on offshore oil drilling put in place by the Hussein Obama admin.
Repealing the rules put in place after the Y2010 Deepwater Horizon Crude Oil spill could save energy companies almost $1-B in the next decade, according to a report from the Bureau of Safety and Environmental Enforcement (BSEE).
Most of these rules are safety regulations that industry officials argue are too broad.
“Based on BSEE experience during the implementation of the original [well control rule], BSEE has concluded that the term ‘safe’ creates ambiguity in that it could be read to suggest that additional unspecified standards, beyond those expressly stated, may be imposed in the approval of proposed drilling margins,” reads a preamble to the BSEE’s proposal, which was sent to the White House on 8 December according to a report.
In mid-December, President Trump spoke of his successful efforts to reduce government regulation, telling reporters at a White House ceremony “we beat our goal by a lot.”
“Instead of adding costs as so many others have done … for the first time in decades, we achieved regulatory savings. Hasn’t happened in many decades. We blew our target out of the water.”
“Instead of eliminating 2 old regulations for every 1 new regulation, we have eliminated 22; that’s a big difference,” President Trump said.
“We aimed for 2 for 1 and in 2017 we hit 22 for 1, and by the way, those regulations that are in place do the job better than all the other regulations and they allow us to build and create jobs and do what we have to do.”
|HeffX-LTN Analysis for USO:||Overall||Short||Intermediate||Long|
|Bullish (0.28)||Neutral (0.15)||Bullish (0.49)||Neutral (0.19)|