Bloomberg News reported last week that U.S. pipeline operators are requesting oil producers to cut back on production — a “clear sign” that the oil market is reaching a breaking point when the amount of crude oil is at capacity in storage tanks and pipelines due to the oil glut caused by the global price war. Meanwhile, the Governors of Kentucky, West Virginia and South Dakota recently signed laws effectively making it a crime to protest a pipeline — imposing stiff fines and penalties for anyone causing “damage, destruction, vandalization, defacing or tampering” to pipelines because they are deemed to be “critical infrastructure.”Continue Reading 425 words
A judge on Friday upheld the Trump Administration’s rollback of environmental standards for fracking on federal land saying that the President’s rule change met the “low bar” of providing enough explanation to stand, The Hill reported. The Obama rule required companies to say what chemicals they use in fracking, make them cover surface ponds that contain fracking fluids and also set well construction.
Why This Matters: This rollback is on top of the suspension of enforcement of environmental rules that the Administration announced on Thursday.Continue Reading 556 words
ll reports that on Friday, 14 Members of Congress (13 Republicans and 1 Democrat) asked the Trump Administration to use its authority to temporarily reduce or eliminate royalties they are required to pay the government under their leases.
Why This Matters: The oil and gas industry has received enough handouts.Continue Reading 404 words
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