Regulators in the Trump administration are proposing to roll back safety measures put in place after the 2010 Deepwater Horizon oil spill, a revision that would reduce the role of government in offshore oil production and return more responsibility to private companies.
The Bureau of Safety and Environmental Enforcement, which regulates offshore oil and gas drilling, estimates its proposed changes could save the industry more than $900 million over the next 10 years and reverse some risk-reduction measures the industry considered burdensome.
The proposed rule would relax requirements to stream real-time data on oil-production operations to facilities onshore, where they currently are available to be reviewed by government regulators. It also would strike a provision requiring third-party inspectors of critical equipment—like the blowout preventer that failed in the Deepwater Horizon case—be certified by BSEE.
A saving of $900 million over ten years versus tens of billions in damages and fines after Deepwater Horizon. Yup.