Lawmaker Urges Oil-Reserve Accounting Overhaul

“The time is past for lengthy study,” said U.S. Rep. John Dingell of Michigan, the ranking Democrat on the House Energy and Commerce Committee, in a letter to regulators, in reference to sharp, unexpected cuts by Anglo-Dutch energy group Royal Dutch/Shell Group in its reserve accounts. The U.S. House of Representatives Financial Services Committee is scheduled to hold a hearing on Wednesday on energy reserve accounting issues. Dingell asked regulators in May for an update on reserve accounting. He said he was underwhelmed by a seeming lack of urgency in their responses.

Reuters