Oil and gas industry wants reprieve from greenhouse gas reporting rule

The nation's oil and gas industry has been asking the Obama administration for more lenient treatment under a new regulation that would require reporting of greenhouse gas emissions.

According to a report from Greenwire via Thursday's New York Times, the industry wants an extension of the date on which reporting must begin until 2012 or 2013.

As the regulation now stands, oil and gas exploration and production interests do have to file their first report in spring 2011.

The industry argues that it needs more time to formulate and execute procedures that would apply to the nation's inventory of exploration and production facilities, which number more than 800,000.

Industry lawyers and its lead trade group, the American Petroleum Institute, also say that the Obama administration has underestimated the cost of compliance with the new reporting rule.