The American Petroleum Institute API warns that a court-mandated deadline for revising regulations on endangered species could disrupt oil and gas production in the Gulf of Mexico.
Oil and gas production in the Gulf of Mexico could suffer a decline unless the federal government confirms its deadline for the revision of a law regulating endangered species protection. Without it, the regulatory process to ensure oil and gas operations are carried out in accordance with the Endangered Species Act would become a lot more cumbersome and complicated, potentially affecting production.
“With the Gulf of Mexico producing 15% of our country’s oil supply, halting production would have serious, far-reaching consequences to our economy and energy security,” the API said in a post on X. In addition to producing 15% of U.S. oil, the Gulf of Mexico also employs more than 400,000 people and generates over $6 billion in federal revenue, the API also said, as quoted by Reuters.
Gulf Of Mexico Oil Production Endangered Species Regulations Environmental Impact Court Ruling Deadline Energy Security Economic Impact
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