Sierra Club Statement on Roll Back of Offshore Bonding Rule

WASHINGTON, D.C. --This week, the Trump Administration announced it would roll back recently enacted reformsto hold oil and gas companies accountable for cleaning up decommissioned offshore oil rigs.

In a Thursday press release, the Department of the Interior indicated it would begin the process of repealing the so-called "financial assurance" rule, which requires oil and gas companies to put up a certain amount of money in bonds to pay for the cost of cleanup after oil production ends. The rule prevents taxpayers from having to cover the cost of cleanups if the company goes bankrupt.

Since returning to the White House, Donald Trump has made the vast expansion of oil and gas drilling on- and offshore and boosting corporate profits off exploration a centerpoint of his administration. In Thursday's announcement, Interior Secretary Doug Burgum said the rollback would explicitly "free up billions of dollars" for oil and gas companies.

In response, Sierra Club Lands Protection Program Director Athan Manuel, released the following statement:

"If 'you break it, you buy it' is good enough for your local grocery store, it should be good enough for the most dangerous and expensive kind of oil and gas drilling. This rule ensured that taxpayers wouldn't be left on the hook to clean up the messes oil and gas companies leave behind. The Trump Administration has decided it's more important to boost corporate bottom lines, even if it leaves the American people holding the bag."

About the Sierra Club

The Sierra Club is America's largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit https://www.sierraclub.org.