States Sue US to Halt Rule on Oil Well Dismantling Costs

States Sue US to Block Biden's Rule for Oil Firms to Guarantee Payment for Old Wells

Texas, Louisiana and Mississippi are taking action against the U.S. government to prevent a new rule from the Biden administration. This rule would make the offshore oil and gas industry pay nearly $7 billion to cover the costs of dismantling old infrastructure. The rule is expected to take effect later this year and will mostly impact smaller companies that don't have strong financial ratings or enough oil reserves.