EnergyFactor By ExxonMobil | Pespectives has a new home

Regulation

Rather than focusing on how to make government rulemaking faster, the White House would do well to spend time considering the overall burden of new regulations on the economy.

EPA officials probably wouldn’t admit it, but the agency’s action last Thursday would seem to confirm industry’s contention that state and local authorities are better equipped to handle the regulation and monitoring of hydraulic fracturing than the federal government.


We often hear that partisan politics have gridlocked Washington. But last week a bipartisan group of senators reached agreement to break a legislative deadlock on chemical safety reform. The result is a bill which is receiving positive reviews from industry as well as environmental groups.

Recently a collection of NGOs urged us to disassociate ourselves from a legal challenge to rules implementing the international transparency provisions of the 2010 Dodd-Frank law. Implied in the group’s request is that support for the court challenge is equivalent to opposing efforts to foster transparency. That implication is dead wrong.


You’ve heard the term “throwing the baby out with the bathwater”? In essence, that’s what the U.S. Securities and Exchange Commission (SEC) did by issuing regulations designed to foster transparency about legal payments U.S.-listed companies make to foreign governments in the course of doing business. Promoting transparency is a good idea, but the SEC’s rules will end up hurting U.S. businesses and may even harm legitimate efforts to increase transparency.

If you were trying to think up a sure-fire way to undercut the competitiveness of U.S. oil and gas companies, you would be hard pressed to find a more effective method than the one just provided by the Securities and Exchange Commission. Earlier today the SEC voted new regulations into effect that will significantly disadvantage publicly traded oil and gas companies listed in the United States against our foreign competitors, especially state-owned national oil companies.



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