The Impact of Environmental Regulations on the Petroleum Industry: A Comparative Study of National Policies
- Post by: airjournals
- November 20, 2024
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Odoeme, C. V.a, & Okpara, C. I.b
aFaculty of Law, Veritas University Abuja, Nigeria
bFaculty of Law, Abia State University, Abia State Nigeria
ABSTRACT
The petroleum industry occupies a prominent position and forms an essential part of the global energy landscape but has also been a significant contributor to environmental degradation. In recent years, increasing attention has been placed on how environmental regulations affect the industry, particularly regarding their economic and operational impacts. This paper conducts a comparative study of national environmental policies from five key oil-producing countries – the United States, Norway, Saudi Arabia, Nigeria, and Russia. It analyzes how these regulations shape operational practices, technological innovation, and environmental performance. Findings show that while stringent regulations promote environmental sustainability and technological advancements, they often result in higher operational costs, reducing competitiveness. In contrast, countries with lenient regulations face less economic burden but often experience significant environmental degradation. This study critically evaluates how environmental policies can be balanced to promote both sustainability and economic growth in the petroleum industry. The paper concludes with policy recommendations that suggest a hybrid approach for nations aiming to balance their economic interests with environmental stewardship.
Keywords: Petroleum Industry; Climate Change; Global Warming; Greenhouse Gas; Emission Reduction