The new proposal seeks to reduce the regulatory burden on energy companies, allowing them to focus on producing affordable, domestic energy for the country.
The U.S. Department of the Interior (DOI) has proposed a new rule to help “cut red tape” for federal energy companies, including oil, gas, and coal. The new rule would help amend the way that the federal government determines the valuation of various energy products produced on public lands, including oil, gas, and coal.
Interior Secretary Doug Burgum said, “This proposed rule cuts useless bureaucratic drag so companies can focus on what they do best—producing affordable, domestic energy—while securing a fair return for the American taxpayer. It is a win for our economy, a win for energy security and a win for every American consumer.”
The new rule would streamline the valuation process and simplify the methods used to determine the value of oil, gas, and coal. It would minimize regulatory burdens by eliminating unnecessary reporting requirements, allowing producers to focus on energy production. The rule also seeks to increase the accuracy of industry-reported data by providing clearer guidance on valuation practices
The Interior Department encouraged public comment on the proposed rule.
As the Lord Leads, Pray with Us…
- For Secretary Burgum as his department receives feedback related to the new proposed energy regulations.
- For President Trump as he encourages regulation updates to promote the production from U.S. energy companies.
Sources: Department of the Interior
