New Interior Department rules expected to curtail Gulf oil production

According to consulting firm Wood Mackenzie, new Obama Interior Department regulations will bring about a 70% decline in energy exploration over the next 20 years and a loss of up to 190,000 jobs. The egghead rules will also likely jeopardize safety at drilling sites, both because rock formations cannot handle the volume of fluids required by the rule and because shifting the primary monitoring responsibility from on-site engineers to onshore electronic observers will delay the discovery of problems and lengthen response times.

By |2016-05-27T02:18:09+00:00May 24th, 2016|CFACT Insights|2 Comments