May 17, 2026 to May 23, 2026

This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions and other government-related news concerning oil and gas production, wells, drilling, petroleum and fuels refining, pipelines, LNG, hydrocarbons, and all Landman fans. Once a week, we break down the most important updates in this space in under five minutes.

Want to track the upstream and downstream forces affecting Oil & Gas? Don’t miss this week’s updates in Utilities & Power and Mining. Also consider subscribing to our Oil & Gas - Ottawa edition covering critical GR news north of the border.

📋 In This Week's Newsletter

• 🇺🇸 Federal Government News
• 📜 Legislative Updates
• 🗺️ State Government News
• 📚 What We're Reading This Week

Federal Government News

BLM Initiates Environmental Impact Statement for Production Site Development in National Petroleum Reserve–Alaska

On May 19, 2026, the Bureau of Land Management (BLM) Alaska State Office announced its intent to prepare an Environmental Impact Statement (EIS) assessing a proposed rulemaking for streamlined permitting of production sites in the National Petroleum Reserve in Alaska (NPR-A). The rulemaking aims to establish criteria-based regulatory procedures for qualifying infrastructure, potentially reducing project-by-project permitting processes. The EIS will address impacts on subsistence resources, wildlife, water, air, and socioeconomic factors. The scoping process is open until July 6, 2026, with tribal and stakeholder input invited. A petition from the Alaska Oil and Gas Association triggered the review. The final rule and EIS decision are expected by late 2026 or early 2027.

Sources: www.federalregister.gov

Correction to Oil and Gas Leasing Regulations: Fees, Rentals, and Royalties

The Bureau of Land Management issued a correction on May 21, 2026, updating the section heading for 'Sec. 3103.31 Royalty on production' following the April 29, 2026, revision of oil and gas leasing regulations, part of the One Big Beautiful Bill Act enacted July 4, 2025. The correction will become effective on June 29, 2026, unless significant adverse comments are submitted by May 29, 2026. Additional details are posted under Docket Number BLM-2025-0138 on regulations.gov.

Sources: www.federalregister.gov

Environmental Assessment Scheduled for Kenai LNG Cool Down Expansion Project

The Federal Energy Regulatory Commission (FERC) has set an environmental assessment (EA) issuance date for Trans-Foreland Pipeline Company's Kenai LNG Cool Down Expansion Project, which aims to expand LNG capacity at the Kenai Terminal in Alaska. The EA will be released on October 16, 2026, with a 90-day federal authorization deadline on January 14, 2027. Project enhancements include new vaporizer and compressor units, all to occur within the existing terminal footprint. Initial scoping yielded no public comments. The U.S. Coast Guard and PHMSA are participating as cooperating agencies.

Sources: www.federalregister.gov

Producer Price Index-Based Ceiling Adjustment for Oil Pipeline Rates

FERC published its annual update for oil pipeline rate ceiling calculations on May 19, 2026. Using the Producer Price Index for Finished Goods figures—257.7 for 2024 and 262.8 for 2025—pipelines must apply a multiplier of 1.014290 for rates effective July 1, 2026, through June 30, 2027. This formula adheres to Energy Policy Act of 1992 requirements and informs annual adjustments under 18 CFR 342.3.

Sources: www.federalregister.gov

USITC Preliminary Determination: Material Injury by OCTG Imports

On May 21, 2026, the U.S. International Trade Commission determined a reasonable indication of material injury to domestic oil country tubular goods (OCTG) producers from imports of OCTG from Austria, Taiwan, and the UAE, following petitions filed in April. The finding includes allegations of sales below fair value and government subsidization. This initiates final phase investigations to proceed after Department of Commerce actions. Stakeholders may participate in further proceedings.

Sources: www.federalregister.gov

Legislative Updates

Modification of Percentage Depletion Rules for Oil and Gas Wells

Senate Bill 4604 proposes amending the Internal Revenue Code to change percentage depletion rules applicable to oil and gas wells. The bill was read twice and referred to the Committee on Finance on May 20, 2026.

Sources: www.congress.gov

Increasing Excise Tax on Corporate Stock Repurchases by Large Oil and Gas Companies

Senate Bill 4588 seeks to raise the excise tax on buybacks by major oil and gas firms. Latest action as of May 20, 2026: referred to the Committee on Finance.

Sources: www.congress.gov

Clean Air Act Amendment to Exclude Marginal Wells

House Bill 8990 would modify the Clean Air Act, exempting marginal wells from certain standards and requirements. The bill was referred to the House Committee on Energy and Commerce on May 21, 2026.

Sources: www.congress.gov

Nullification of Endangered Species Committee Decision on Oil and Gas Activities

House Bill 8919 would nullify a specific Endangered Species Committee decision affecting oil and gas activities. The bill was referred to the House Committee on Natural Resources on May 20, 2026.

Sources: www.congress.gov

License to Drill Act

House Bill 7831, titled 'License to Drill Act,' was placed on the Union Calendar (No. 579) following its latest action on May 20, 2026.

Sources: www.congress.gov

State Government News

Indiana State Senator Urges Extension and Expansion of Gas Tax Suspension

Sen. Ron Alting (R-Lafayette) called on Governor Mike Braun to continue Indiana's gas tax holiday past May 8 and suspend the 36 cents per gallon excise tax, citing high gas prices. Alting is also coordinating with the Attorney General's office to monitor fuel price gouging and encourages affected residents to report complaints.

Sources: www.indianasenaterepublicans.com

What We're Reading This Week

• Canada's investment climate for oil and gas improving, executives say: Industry leaders report an uptick in investment conditions for oil and gas in Canada.
• Oil market clock is ticking as supply crunch looms: Analysis discusses looming supply shortages as the oil market faces increasing pressure.
• China oil import cut, higher US exports wrongfoot market bulls: China reduces oil imports while US exports rise, disrupting market expectations.
• Oil market could hit 'red zone' in July-August, IEA chief says: IEA chief forecasts the oil market might reach a critical supply threshold mid-summer.
• Exclusive: Oil refining at a standstill in central Russia after Ukrainian drone strikes, sources say: Ukrainian drone attacks halt refining operations in central Russia, sources confirm.
• Opinion | Natural Gas Is Escaping Into Thin Air: Editorial addresses challenges and emissions linked to natural gas infrastructure.
• Alaska LNG secures supply deal with ConocoPhillips for pipeline project: Alaska LNG finalizes a supply agreement with ConocoPhillips, advancing pipeline development.
• XCF Global Highlights Long-Term Growth Drivers for Renewable Fuels as U.S. Biofuel Policy Evolves and SAF Demand Continues to Build: XCF Global points to rising renewable fuels opportunities amid shifting US biofuel policy.
• The Quest for an Elusive Clean Fuel Is Moving Underground: Report examines the search for geologic hydrogen as a new underground clean fuel.

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