US House Panel Passes Bill Repealing Oil, Gas Transparency Law
The House Committee on Financial Services passed a bill Wednesday that would permanently repeal a federal rule requiring US-traded oil and natural gas companies to disclose payments to foreign governments. If ultimately approved by the House and Senate and signed into law by President Trump, the bill would prevent the anti-corruption transparency rule mandated in 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act from taking effect. The bill, HR 4519, was introduced in the House by Michigan Representative Bill Huizenga, a Republican, on December 1. The 114-word bill, which has no cosponsors, simply repeals section 1504 of the Dodd-Frank law. Section 1504 requires all companies traded on US exchanges and involved in the commercial development of oil, gas or minerals to disclose payments made to any government and file annual reports with the Securities and Exchange Commission.
The U.S. Is Exporting Oil and Gas at a Record Pace
Roanoke reported: A federal agency that approved a controversial natural gas pipeline through Western Virginia said Wednesday that it needs more time to consider requests to rethink its decision. As opponents of the Mountain Valley Pipeline had predicted, the Federal Energy Regulatory Commission issued what’s called a “tolling order.” The order puts the project in a state of legal limbo — at least when it comes to challenging the commission’s Oct. 13 decision that there is sufficient public need for a 303-mile buried pipeline that would transport natural gas at high pressure through the Roanoke and New River valleys. Among other things, FERC’s decision allowed Mountain Valley to proceed with efforts to obtain access to land in the pipeline’s path, even if the property owners object, through the legal process of eminent domain.