Essays on Oil Industry Regulations by the US Government Literature review

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The paper "Oil Industry Regulations by the US Government" is a perfect example of a literature review on macro and microeconomics. There have been a number of cases that have resulted in the setting up of regulations and laws to govern natural gas and oil exploration on the offshore land of the Gulf of Mexico. These laws were put in place by the United States of America’ s government in lieu to resolve some of the problems experienced in the exploration and production of oil as well as natural gas.

The setting up of regulations has taken a number of years and processes which would take a good period of time to discuss them all (Northrup, 2003). As a result, this article will only focus on the oil industry regulations set up by the US government in the most recent years to improve productivity in the industry. However, the earliest disputes were more inclined on the ownership of waters at the cost which had oil exploration potential. This went through a number of stages to resolve who had the right to own the land in which a certain percentage was given to the right and governance of the US government. Literature ReviewFrom research done on peer-reviewed literature, legislation on the oil industry encompassed both land and environmental issues.

The most recent policies to be formed were in the year 2005. It is therefore important that these regulations are looked at systematically to offer a clear view of what entailed the regulations and how the industry was affected (Bantekas, Paterson & Suleimanov, 2004). The Energy Policy Act of 2005This policy was signed by President George W.

Bush in August 2005. This was the first inclusive state energy preparing for the United States of America for the previous 13 years. It was an amalgamation of most regulations previously done and in cases which they proved not to survive the test of time. This policy has a wide range of impacts on oil exploration in the offshore regions of the Mexican Gulf. This Act mainly affected the Mineral Management Service (MMS) and the Outer Continental Shelf (OCS).


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