"The Biden administration on Monday finalized a new rule it says will reduce taxpayer responsibility for the process of decommissioning offshore oil and gas platforms.
The decommissioning process is the final step in offshore fossil fuel extraction and involves dismantling the drilling platforms and returning the area to its predrilling state.
Under existing regulations, taxpayers are responsible for any costs associated with the process that the companies themselves do not cover.
The final rule would amend the regulation, simplifying the process by which it assesses a fossil fuel company’s finances and its responsibility for decommissioning. The Bureau of Ocean Energy Management (BOEM) estimated the rule would require $6.9 billion in new financial guarantees from the fossil fuel industry."
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