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Trump Signs Bill Reducing US Oil, Gas, Mining Regulations

© AP Photo / Hasan JamaliIn response to the high cost of US shale, Saudi Arabia has been selling its massive stockpile of crude oil at rock-bottom prices.
In response to the high cost of US shale, Saudi Arabia has been selling its massive stockpile of crude oil at rock-bottom prices. - Sputnik International
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President Donald Trump signed a bill on Tuesday that reduces regulations on mining oil and gas in the United States.

WASHINGTON (Sputnik) — At the signing ceremony, President Trump said that the bill will allow creating more jobs in US energy sector.

"We are bringing back jobs big league," Trump said during the signing ceremony. "The energy jobs are coming back… A lot of people are going back to work now."

US House Speaker Paul Ryan holds a briefing to preview the House Republican policy agenda set to be released in the coming weeks on Capitol Hill in Washington, DC, on May 25, 2016 - Sputnik International
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A press release from the White House on the legislation noted US businesses could save up to $600 million in regulatory compliance costs and 200,000 hours in paperwork.

The regulation eliminated by the bill also created an unfair advantage for foreign-owned oil, gas and mining companies.

Earlier, it was reported that the Trump administration was going to "embrace the shale oil and gas revolution to bring jobs and prosperity to millions of Americans."

The Trump Administration is committed to energy policies that lower costs for hardworking Americans and maximize the use of American resources, freeing us from dependence on foreign oil.

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