Trump Admin Takes Aim at Oil, Gas Drilling Costs

AI Summary

The U.S. federal government plans to reduce costs for oil and gas drilling by loosening regulations on federal land leasing and waste prevention rules. This aims to encourage drillers to expand operations on federal lands by minimizing cleanup costs for abandoned wells.

The U.S. federal government will reduce costs for oil and gas drillers by slashing red tape for the industry, aiming to tempt drillers to expand on federal lands. In a news release this week, the Interior Department said it would revise the Bureau of Land Management’s rule for federal land leasing for oil and gas drilling as well as the BLM’s waste prevention rule, by essentially loosening both to reduce the cost burden on energy companies. Under the revised rules, the cleanup cost of an abandoned well will fall from $500,000 to as…