Under existing federal law, the Environmental Protection Agency is obligated to review and possibly revise regulations governing the handling of oil and gas waste every three years. But the agency’s last review was 27 years ago.
The report from the liberal Center for American Progress is the first to broadly examine the environmental consequences of a big shift in U.S. oil trade policy, coming as Congress nears a vote on whether to lift the 1970s-era ban.
A dozen Democrats insist oil companies aren’t telling shareholders the gritty reality of their crude pursuits, including the environmental and financial risks of drilling in the Arctic Ocean and other frontier areas.
With just five companies participating and only 33 leases sold, the turnout was the lowest western Gulf auction since area-wide leasing began in 1983, according to the Bureau of Ocean Energy Management.
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