Leave it to Joe ot fuck things up...
In June 2023, the Bureau of Ocean Energy Management proposed a rule that would require stricter financial assurance standards for oil companies operating in the Outer Continental Shelf. This costly rule became final on April 15, 2024, but in the 10 months since its initial proposal, BOEM did nothing to alleviate concerns for smaller companies that comprise of 76 percent of oil and gas operators in the Gulf. As a result, many of these companies could be forced out of business by extreme and unnecessary costs from this rule. The situation threatens an estimated 36,000 jobs, more than $570 million in federal government royalties, and $9.9 billion from our GDP.
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The new costs to small oil businesses are for naught – unless the motivation is to make energy more expensive and drive out more companies.
That motivation makes sense for the radical environmental special interests, who have made clear they intend to shutter energy production at every opportunity. It doesn’t make sense for Big Oil companies, who stand to lose customers who buy their leases. Their support for the rule is short sighted.
Since BOEM knew this outlook and finalized the rule anyway, the motive must be something other than protecting taxpayers. Agency leadership at BOEM appears more concerned with penalizing responsible energy producers than protecting American families and businesses from out-of-control inflation stemming from their policies.