Louisiana, Texas and Mississippi sued the U.S. government last week to block a proposed federal rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure.
The rule, which would take effect later this year, will predominantly impact smaller companies that do not have investment grade ratings or sufficient proven oil reserves. Oil majors are more likely to meet the credit criteria or have large reserves. Reuters has the full story.
