Federal and state environmental regulation of exploration and production wastes is tightening, and it is vital that the oil and gas industry find ways both to comply with such rules and to develop products and services that will create less environmental degradation. Recent developments in the two key applicable federal regulatory programs will be examined: the "drilling fluids" exemption in the Resource Conservation and Recovery Act (RCRA), and the "petroleum" exclusion in the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, commonly called "Superfund"). The overview will then move to State considerations, with particular emphasis on new waste rules imposed by the Texas Railroad Commission and how such changes are likely to affect the oil and gas exploration and production industry. The presentation will conclude with a policy discussion of the economic costs and environmental benefits associated with these recent developments and how they are likely to be resolved in the context of historical environmental regulation.

End_of_Record - Last_Page 9---------------