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NationofChange New Mexico stuck with $8 billion in cleanup for oil wells, highlighting dangers from fossil fuel dependence The oil industry boasts that it fills state coffers with revenues from drilling, but a new study finds a serious gap in funding available to tackle the environmental legacy of abandoned wells. New Mexico is facing more than $8 billion in cleanup costs for oil and gas wells, an enormous liability that taxpayers could be left to pick up if drillers go out of business or walk away from their obligations.  Cleaning up old wells at the end of their operating lives can be expensive, and typically states require drillers to cover part of the cleanup cost at the outset, known as financial assurance requirements. The money is tapped later on when the well or pipeline must be dismantled and cleaned up.

United statesNew mexicoNew mexicansJames jimenezStephanie garcia richardNm state land office nmlandofficeMexico oil gas associationEnvironmental law centerMexico oil gas nmoilandgasPermanent fundMexico state land officeLand officeNew mexico state land officeApplied researchMexico commissionerPublic lands stephanie garcia richard