The US Supreme Court recently held oral arguments in a case that the oil and gas industry is hoping will end some of the back-and-forth regulatory scramble over whether certain wetlands and water sources fall under federal jurisdiction. The high court is examining whether the Waters of the US regulation, or WOTUS, uses the proper test when evaluating wetlands.
In Sackett v. EPA, the Supreme Court could clarify how WOTUS is defined, with that determination potentially affecting pipelines and other energy projects. And the Supreme Court's eventual decision will likely affect the Biden administration's work on rulemakings to finalize a more detailed WOTUS definition.
S&P Global editor Ellie Potter spoke with Ashley Peck, a partner with the law firm Holland & Hart, about the case, what stood out from the oral arguments and the ramifications for the energy sector. Peck also gave recommendations for how companies should approach project permitting in the face of such legal and regulatory uncertainty.
Stick around after the interview for Chris Van Moessner with the Market Minute, a look at near-term oil market drivers.
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