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One Federal Policy – a boon to the Oil and Gas Industry

siliconreview One Federal Policy – a boon to the Oil and Gas Industry

President Donald Trump signed an executive order recently which promises to quicken the approval process for oil and gas pipelines and other projects. The One Federal Decision policy revolves around the principal component of replacing earlier legislations which required approvals from various federal bodies.

According to the President’s order, a joint decision would be undertaken regarding environmental and permit documentation which involves all agencies working with a single lead federal agency. The decision would be followed by the signing of a joint Record of Decision and within 90 days the federal permit would be issued. However, it still remains largely unclear which agency would be empowered with this power. The executive order also promises to grant more permits for oil and gas projects.

This order aims to withdraw regulations which were in motion during Barack Obama’s terms. Trump said, “This is going to happen quickly, that's what I'm signing today. So it's going to be quick, it's going to be a very streamlined process. And by the way, if it doesn't meet environmental safeguards, we're not going to approve it. It's very simple. We're not going to approve it.”

Let’s hope this greatly benefits the oil and gas industry without being a major cause of concern in environmental terms. Fingers crossed!

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