March 5 (Reuters) – The Trump administration said on Thursday it would replace a Biden-era rule that required some oil and gas companies to set aside billions of dollars in extra funds for decommissioning oil platforms if they go out of business.
The new rule will save the industry $484 million a year in compliance costs, the U.S. Interior Department said in a statement, a move aligned with U.S. President Donald Trump’s efforts to loosen regulations on industry.
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(Reporting by Nichola Groom; editing by Diane Craft)
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