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Money previously set aside to clean up wells on federal land would have covered the cost of fewer than 1 out of 100, and a majority of the country’s wells will need to be plugged soon.
Money previously set aside to clean up wells on federal land would have covered the cost of fewer than 1 out of 100, according to the government’s own estimates, and the vast majority of the country’s wells sit inactive or barely producing, meaning they’ll soon need to be plugged. The post Oil companies must set aside more money to plug wells, a new rule says. But it won’t be enough. appeared first on Pennsylvania Capital-Star.
A federal agency's work falls short of protecting taxpayers from oil drilling cleanup costs, according to a ProPublica/Capital & Main review.
The new Bureau of Land Management regulation, which applies to nearly 90,000 wells on federal public land, is hampered by math errors and overly optimistic cost projections.
With a little art, a little science, and a lot of luck, the niche well-plugging industry is hoping to pick up steam.