• 4 minutes China - EU: Xi Says Cooperation Is Mainstream In Their Ties
  • 8 minutes The Mining Industry Has Had It Easy For Far Too Long
  • 11 minutes Lawsuit-Happy Councilor Wants to Take Big Oil to Court
  • 15 minutes U.S. Shale Output may Start Dropping Next Year
  • 3 hours Dutch Populists Shock the EU with Election Victory
  • 46 mins Venezuela Says Russian Troops Land to Service Military Equipment
  • 1 hour Trump to Make Allies Pay More to Host US Bases
  • 9 hours Multi-well Pad Drilling Cost Question
  • 19 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 2 hours Public Companies that attended OPEC "THREAT DINNER" at CERRAWEEK must disclose any risks in their SEC Financial filings.
  • 4 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 2 hours England Running Out of Water?
  • 2 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 hours Mexico Demands Spain and the Vatican Apologize to Indigenous People for the Spanish Conquest
  • 1 day One Last Warning For The U.S. Shale Patch
  • 1 day European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 2 days Modular Nuclear Reactors
Exxon Shale Deal With Algeria Falls Victim To Protests

Exxon Shale Deal With Algeria Falls Victim To Protests

Widespread anti-government protests in Algeria…

Another Win For Big Oil: House Removes Transparency Rule

House of reps

The Republican-dominated House of Representatives yesterday moved to repeal a rule that requires oil companies to report on their payments to foreign governments, including taxes and royalties from their activities in these countries.

The rule, part of the Dodd-Frank Act, was devised and approved two years after the 2008 crisis, aiming to make public energy companies more transparent and limit the potential for bribes abroad. The energy companies themselves, however, protested that the rule puts them at a disadvantage to foreign competitors that are not bound by it.

On the other hand, backers of the rule note that the main competitors of Exxon and Chevron are based in Europe, and as such, are subject to EU regulations to the same effect. Shell, BP, Total, and the rest of them all report their tax and royalty payments to foreign governments on an annual basis.

Rex Tillerson, the new Secretary of State, was one of the most vocal opponents to the rule, arguing that it would make it harder for Exxon to do business in resource-rich countries such as Russia. Yet despite the fact that the rule was stipulated in the Dodd-Frank Act, it never took effect: in the years following the passing of the Dodd-Frank Act, the SEC has working on formulating it more specifically. As Vox reports, the final formulation was only completed in the middle of last year, and the rule was supposed to take effect this year.

The Congress is using a little known piece of legislation to quickly remove Obama regulations: the Congressional Review Act. It allows lawmakers to repeal regulation by a simple majority vote. By the end of this week, according to Bloomberg, the House is also expected to kill regulation regarding mountain-top mining and limiting methane emissions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News