Rey Trevino - Oil

Texas, Louisiana and Mississippi sued the U.S. government to block the Biden administration's proposed 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 affect 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. The lawsuit was filed against the U.S. Bureau of Ocean Energy Management (BOEM), which has said the rule could affect around three quarters of operators in the Gulf of Mexico. We chat with Rey he runs Pecos Country Energy, a privately owned oil and gas exploration and production company. Pecos Country Energy owns and operates wells across the South Central United States