Hydraulic fracturing has soared throughout the United States. Currently on track to become the world’s largest oil and gas producer, the U.S. continues to face health and safety concerns around hydraulic fracturing. While fracking has helped increase America’s energy production, environmentalists fear the technique and chemicals will contaminate water supplies and harm wildlife.
After a three-year debate, the U.S. Interior Department’s Bureau of Land Management (BLM) released stronger fracking regulation and compliance. The rules issued by BLM aim to reduce an increase in cities and states seeking to outright ban fracking.
“Unfortunately, many of the regulations on the books at the Interior Department have not kept pace with advances in technology and modern drilling methods,” said Sally Jewell, interior secretary. “We need to put in place standards that encourage innovation, that help define the rules of the road for the industry, and that help protect communities. We need to modernize our regulations to make sure they can keep up with evolving technologies.”
The new fracking regulations would apply only on federal and Indian lands. Beginning in June, the regulations will require oil and gas companies to:
The newly issued regulations on fracking have been met with criticism from the industry and environmentalists. The industry has fired back at the BLM stating the new federal regulations will not only duplicate efforts of the 24 states that already have municipal or county-wide bans in place, but it will also increase cost and hinder the drilling boom.
However, environmentalists fear the regulations are too lenient and want to see a complete ban on fracking. Ironically, with both sides dissatisfied over the new regulations, it does not appear the ongoing battle over fracking will come to a quick conclusion.
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.
About the Author
Sikich
Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and ranks as one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor.
Sign up for Insights
Join 14,000+ Business executives and decision makers.
Latest Insights
Article
Leveraging Retirement Plans to Attract and Retain Talent
March 15, 2022
Article
Leveraging Retirement Plans to Attract and Retain Talent
March 15, 2022
Amid the current labor shortage construction and real estate companies face, employers are finding new ways to attract and retain high quality employees. Many employers are doing this by establishing or refining their corporate retirement plans.
Uncategorized
[Video Series] Success Everywhere: Digital Workplace Strateg...
December 16, 2021
Article
[Virtual Conference] Success Everywhere: Digital Workplace S...
November 3, 2021
Uncategorized
Agriculture innovation: how technology is affecting the feed...
November 12, 2020
Uncategorized
Agriculture innovation: how technology is affecting the feed...
November 12, 2020
The food and agriculture industries are among the least digitized industries remaining. That status is rapidly changing, as we see many innovative companies bringing software, sensors and automation to market, helping to make our food system safer and more efficient.
Uncategorized
Compensation Definition In 401(K) Plans
October 27, 2020
Uncategorized
Compensation Definition In 401(K) Plans
October 27, 2020
In retirement planning, the definition of compensation isn’t so cut and dry. There are multiple definitions of compensation, and depending on the definition your plan uses, compensation in your plan may appear quite different than that of another company.
Article
New Considerations for Business Succession Planning Recordin...
October 6, 2020
Uncategorized
Your Employee Benefit Plan Audit Brochure is Ready
August 28, 2020
Uncategorized
How to Utilize Delegate Purchase Approvers in NetSuite
May 13, 2020
Uncategorized
David Reiners, Global Marketing Communication, Laird Perform...
February 27, 2020