Pragmatic and environmentally sound regulatory reforms are key to streamlining oil and gas development. PESA is committed to advocating for reforms that create substantial, long-term change and integrate the newest technologies across the industry. Most importantly, PESA supports the rigorous application of evidence-based science that weighs the societal costs and benefits of regulatory changes.
Regulations play an important role in defining best practices and ensuring industry accountability. But overly burdensome regulations can unduly hinder competitiveness of U.S. companies, often primarily impacting small and midsized companies. Critically examining existing regulation for redundancies and dated requirements can minimize costs and allow companies to invest in other critical areas.
Updating regulations also helps put new scientific discoveries to work. The industry invests billions in private dollars each year on research and development; the resulting discoveries are best employed in conjunction with statutes based on equally cutting-edge science.
Environmental concerns are a necessary part of any conversation on regulatory reform, and the oil and gas industry has proven its focus on environmental sustainability in recent years. Even as oil production grew 19% between 2013 and 2016, methane emissions from venting and flaring fell by 17%, and emissions from fracking fell by 82%. The industry also heavily invests in improving its products’ environmental performance, spending more than $300 billion since 1990.
PESA advocates for an approach to regulation that is both economically practical and considerate of the industry’s duty to protect our environment. Such an approach requires that sound technology and science be at the core of policy change and that stakeholders have a platform to contribute their input throughout revision and open forum.