Oil and gas allies to Trump: Slow down

Source: Politico




While the industry has generally cheered the administration's approach, there are growing worries that its efforts could backfire.

By BEN LEFEBVRE 08/25/2017 05:11 AM EDT

President Donald Trump's aggressive drive to roll back environmental regulations is moving too fast even for some in the oil and gas industry.

Publicly, petroleum companies and their trade groups are cheering Trump’s efforts to undo former President Barack Obama’s environmental regulations, including restrictions on fracking-related pollution, pipeline permits and offshore drilling. But quietly, people in the industry are growing worried that deregulation could backfire on them, according to interviews with a dozen executives, lobbyists, lawyers and analysts.

Among their fears: Laxer rules could set the stage for an environmental disaster like 2010’s BP oil spill in the Gulf, which blackened the industry’s reputation and spurred a regulatory clampdown.

"Every industry wants regulations that make sense, but you don't need to roll things back so far that it opens an opportunity for outsiders to criticize, or something bad happens," said Brian Youngberg, an energy analyst at the investment firm Edward Jones.

Read more: http://www.politico.com/story/2017/08/25/oil-and-gas-allies-want-trump-to-slow-down-242008