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8mo ago

Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill | A Carbon Tracker report shows the cost to safely shut down low-producing wells is $3bn more than what they earn

www.theguardian.com Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill

A Carbon Tracker report shows the cost to safely shut down low-producing wells is $3bn more than what they earn

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8mo ago

Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill

www.theguardian.com /us-news/article/2024/jun/28/colorado-oil-gas-well-cleanup

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8mo ago

Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill | A Carbon Tracker report shows the cost to safely shut down low-producing wells is $3bn more than what they earn

www.theguardian.com /us-news/article/2024/jun/28/colorado-oil-gas-well-cleanup

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19 comments

We have this problem in WV, too, but also with coal mines.
Mining companies have to put up reclamation bonds to get permits, but those bonds aren't even close to the cost of cleanup. So companies just abandon ship, forfeit the bonds (which are far less than the cost of cleanup/remediation), and the taxpayers are left to foot the cleanup bill. In the meantime, they leach heavy metals and other toxic crap into nearby communities.
- I read an article in Colorado what's happening is due to some sort of legal loophole companies are able to spin off their unprofitable Wells into a tertiary corporation and then that company can go bankrupt and because it has no assets of any value

Too bad, so sad. Time to fine them to the moon and back.

Sounds like the companies should have thought of that when deciding to drill.
Fine them for every cent spent

I'm personally working on this problem. It sucks, and the politics are frustrating as hell, but the people working at the State of CO to reign in oil and gas are making every penny of funding work as hard as it can.
- what can we do to help?
  
  I honestly don't really know. I know that The Environmental Defense Fund and The Clean Air Task Force have a strong presence in the state, so it may be worth donating or volunteering for them.

Those poor independent little oil wells. Totally disconnected from kajillion-dollar global industries.
- That's the idea: extract the oil, pay out everything as dividends or share buybacks, and then sell the well to a doomed-to-fail company which can declare bankruptcy and leave the public responsible for cleaning up the mess. The oil industry has a long history of taking advantage of inadequate bond requirements for oil wells to do exactly that.
  
  Fuck the bond requirements, just find a judge who'll call bullshit. Shell companies are not a new scam.

Maybe limited liability should not apply to negligence.
Change the laws so you can go after the shareholders other assets.

BURN THEM TO THE GROUND
If you're wondering if I mean metaphorically or literally, first one, then the other but in a climate-friendly way.

You mean they don't want to.

Every part of these oil companies is just pure evil.

What's that? Is it the sound of Energy Cost of Energy knocking at the door? Oh, and look at this, they've left a pamphlet titled "The bell tolls for thee, intensive input agricultural base, it tolls for thee"

Yet fucking tax credits? Fuck off

So if you can’t handle the liability then maybe don’t do it idk. If I was king heads would roll.

In Australia, a similar situation occurs where mining companies receive significant subsidies, pay minimal taxes, generate billions in revenue and profit, and leave taxpayers responsible for site remediation costs amounting to hundreds of millions of dollars. Despite these subsidies, Australians do not benefit from cheaper products or electricity. Much of the mined resources are exported, and Australia often buys them back at significantly higher prices. And yet, apparently, Australians are okay with this.

19 comments