May 31, 2026 to June 06, 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.

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📋 In This Week's Newsletter

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

Federal Government News

Pipeline Safety: Breakout Tank Inspection Rule Proposed

PHMSA issued a notice of proposed rulemaking updating regulations for breakout tanks to incorporate the 5th edition of API Standard 653. The proposed rule will allow operators to use risk-based inspection (RBI) procedures to set inspection intervals for aboveground tanks, with a maximum initial interval of 20 years and subsequent reinspection up to 25 years. API RP 580 and RP 581 will be referenced for RBI requirements, and the new rule aims to reduce costs by extending inspection intervals where justified. PHMSA estimates annual cost savings between $24.5 million and $150.1 million. Operators choosing RBI would need to retain documentation for likelihood and consequence factors, and reporting requirements will be updated.

Sources: www.federalregister.gov

National Customs Automation Program Pipeline Test Launching for Crude Oil

U.S. Customs and Border Protection announced a one-year National Customs Automation Program (NCAP) test beginning July 2, 2026, using Neoflow's platform and global interoperability standards for crude oil imports via pipeline from Canada and Mexico. Participants will upload real-time data documenting shipment movement, ownership changes, and entry details, available to CBP through its Automated Commercial Environment. The test will mandate continued submission of monthly pipeline operator reports under existing guidance. CBP intends to evaluate the test for regulatory updates, reconciliation, and compliance, gathering public feedback throughout. OMB has approved all new collection requirements.

Sources: www.federalregister.gov

Port Arthur LNG Requests Blanket Authorization for Re-Export of Imported LNG

Port Arthur LNG, LLC submitted an application to the Department of Energy seeking authorization to export up to 20 billion cubic feet of previously imported LNG from its Jefferson County, Texas terminal over two years, to countries with which trade is permitted. DOE evaluation will consider all relevant policy issues, with consideration for environmental review under NEPA. Port Arthur LNG plans to export LNG sourced from 'cooldown cargoes' used during plant start-up, not domestically produced gas. The public comment deadline is July 6, 2026.

Sources: www.federalregister.gov

Presidential Message: National Ocean Month and Gulf Oil Development

During National Ocean Month, the Administration announced plans to expand access to ocean resources, reopen Atlantic waters for commercial fishing, and increase development of the Gulf of America for oil and gas. The Outer Continental Shelf is being opened for critical mineral extraction, aiming to strengthen supply chains. The Maritime Action Plan outlines port modernization and commercial fleet rebuilding, including a historic naval shipbuilding initiative labelled the Golden Fleet. These actions are intended to bolster energy dominance and maritime trade capacity.

Sources: www.whitehouse.gov

Multiple FERC Pipeline Rate and Tariff Filings

FERC received numerous pipeline filings in early June. Columbia Gas Transmission, Algonquin Gas Transmission, Texas Eastern Transmission, NEXUS Gas Transmission, and others filed negotiated rate agreements, tariff updates, and penalty reconciliation reports. National Grid LNG filed its initial period true-up, while Boardwalk Storage and Gulf South Pipeline submitted responsibility updates. The comment deadline for most of these proceedings is June 15, 2026, and filings are accessible via FERC’s eLibrary.

Sources: www.federalregister.gov

Legislative Updates

License to Drill Act Advances in Senate

Bill 7831, the License to Drill Act, was received in the Senate and referred to the Committee on Energy and Natural Resources. The bill focuses on reforms to drilling authorization for energy development.

Sources: www.congress.gov

CLEAN Act Moves to Senate for Consideration

Bill 1687, the CLEAN Act, was received in the Senate and referred to the Committee on Energy and Natural Resources after passage in the House. The legislation addresses energy sector standards, with continued review at committee level.

Sources: www.congress.gov

EPA Rule Repeal Disapproved by Senate

Bill 188, a joint resolution for disapproval of EPA's National Emission Standards for Hazardous Air Pollutants rule repeal, was rejected in the Senate with a 46-53 vote (Record Vote Number 135). The measure does not override the EPA rule.

Sources: www.congress.gov

GUARD Act of 2026 Reviewed in House Committee

Bill 9129, the GUARD Act of 2026, was referred to the House Committee on Energy and Commerce for evaluation.

Sources: www.congress.gov

State Emissions Authority Act of 2026 Introduced in House

Bill 9083, the State Emissions Authority Act of 2026, was introduced and referred to the House Committee on Energy and Commerce regarding state-level emissions regulation.

Sources: www.congress.gov

Offshore Parity Act Receives Subcommittee Hearing

Bill 8542, the Offshore Parity Act of 2026, underwent subcommittee hearings this week, focusing on public lands and offshore resource access.

Sources: www.congress.gov

Cross-Boundary Wildfire Solutions Act Moves to Senate

Bill 3922, the Cross-Boundary Wildfire Solutions Act, was received in the Senate after passage in the House, with implications for public lands and natural resources.

Sources: www.congress.gov

What We're Reading This Week

• Modernizing the Maritime Industry for Speed, Scale, Resilience: Industry leaders assess initiatives to strengthen maritime logistics and port infrastructure for supply chain reliability.
• Goldman Sachs says global oil demand takes big hit, sees risks to price forecast: Goldman Sachs notes significant global oil demand decline, warning of downside risks to price projections.
• Russia's oil and gas revenue rises 32% y/y to $9.26 billion in May, data shows: Russian oil and gas revenue climbed to $9.26 billion for May, marking a 32% year-over-year increase.
• Global oil inventories depleted, next price spike could roil economies, markets: Analysts forecast tight global oil inventories, noting potential for abrupt price escalation affecting markets.
• Kazakhstan has restored oil output after incident at largest field, minister says: Kazakhstan brought oil production levels back online following operational disruptions at its largest field.
• BP gas and low carbon chief William Lin set to leave as firm changes structure -memo: BP's William Lin will exit company leadership as organizational restructuring proceeds.
• The Strait of Hormuz Squeeze Is Redrawing the Oil Map for Good: The Strait of Hormuz constraints prompt enduring shifts in global oil export routes and logistics.
• The U.S.-Qatar Domination of Gas Left the World Dangerously Exposed: U.S. and Qatar’s dominance in LNG supply leaves international markets vulnerable to supply disruptions.
• Kuwait can restore 70% of oil output in 6–8 weeks of Hormuz reopening, KPC executive says: Kuwait projects recovery of most oil production within two months after a reopening of the Strait of Hormuz.
• Oman says Mina al Fahal terminal operations normal after reported oil export halt: Oman confirmed normal operations at Mina al Fahal terminal despite reports of an oil export suspension.

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