Investing.com -- The Trump administration has announced plans to revise a rule established during the Biden era that mandated the oil and gas industry to provide nearly $7 billion in new financial assurances. This money was intended to cover the cost of decommissioning old infrastructure, as reported by the Interior Department last Friday.

The department, in its statement, confirmed that it will develop a new regulation, although it did not provide any specific details. This action aligns with President Donald Trump’s agenda to reduce federal regulations and stimulate domestic energy production.

Interior Secretary Doug Burgum explained the intention behind the revision, stating that it will allow energy producers in the country to redirect their capital towards future leasing, exploration, and production. Furthermore, this move aims to financially protect the American taxpayer. The specifics of the new regulation are yet to be released.

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