Reported 8 months ago
Texas, Louisiana, and Mississippi filed a lawsuit against the U.S. government to stop a proposed rule requiring offshore oil and gas companies to secure nearly $7 billion for dismantling old infrastructure. This rule aims to prevent taxpayers from bearing decommissioning costs that should be covered by the industry. The lawsuit argues that the regulation unfairly targets smaller energy producers, impacting businesses and Americans. The Gulf Alliance and several oil operators have raised concerns over the financial burden and potential business closures. The new rule may lead to shut-ins if companies fail to meet the requirements, affecting offshore oil production in the Gulf of Mexico.
Source: YAHOO