Do regulations affect how U.S. energy companies conduct business? The American Petroleum Institute (API) believes that these not only influence business decisions but also affect the production required to keep the country’s energy resources afloat.
The API advised the Environmental Protection Agency (EPA) to foster an encouraging regulatory environment for the oil and natural gas sector. It suggested policies that uphold safety and environmental awareness.
Heartland Tank Services added that the institute released its insights on current regulations as it unveiled two new safety standards, which will be part of its broader set of policies such as the API 653 design guidelines for the industry.
Overhaul Regulations
It’s no secret that President Donald Trump has lobbied for the repeal, cancellation or replacement of existing rules for the energy sector. Trump has instructed the EPA to review the possibility of doing so and it began by soliciting public feedback on current regulations.
Howard Feldman, API senior director of regulatory and scientific affairs, said that the agency should support a regulatory system that encourages responsible access to local resources such as oil and gas, streamlines the approval process and adopt cost-efficient policies backed by science.
Tech Standards
As U.S. production and refineries of oil and gas reach record numbers, the API’s Global Industry Services department introduced a pair of new safety standards for industry equipment and operations. These two new guidelines cover drill-through equipment and product management systems for the petroleum and natural gas industries.
While the issue of greater carbon emissions always coincides with increasing energy production, Feldman said that the prevalence of new technologies and investments have addressed this concern by bringing down CO2 emissions to near 30-year lows.
However, the industry needs the government’s help in maintaining this progress through pro-energy regulations, he added.
Much of U.S. economy relies on energy production. Are you in favor of the Trump administration’s regulatory reforms for the industry?