President Bush Signs Oil, Gas Pipeline Safety Bill into Law

WASHINGTON Dec 29, 2006 (Dow Jones Newswires)

President George W. Bush Friday signed into law the Pipeline Inspection, Protection, Enforcement, and Safety Act of 2006.

The law, also known as the PIPES Act, reauthorizes and modifies the Department of Transportation's 2002 pipeline safety programs.

Under the programs, energy companies must follow certain guidelines aimed at ensuring that natural gas and oil pipelines are operated safely across the country.

The new law also gives the U.S. Department of Transportation authority to regulate low-pressure oil lines such as the one operated by BP PLC (BP) that leaked and led to the partial shutdown at the Prudhoe Bay oil field in Alaska.

Copyright (c) 2006 Dow Jones & Company, Inc.

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