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.
Oil boom in New Mexico could stick taxpayers with cleanup costs -study Reuters 3 hrs ago
By Nichola Groom
May 20 (Reuters) - Drillers in New Mexico have set aside only a tiny fraction of the money they will eventually need to clean up their wells, pipelines and other infrastructure in the state, leaving taxpayers at risk of footing some of the balance, according to a study published on Thursday.
Concerns are growing about who will pay for the environmental impact of more than a century of oil and gas production in the United States. The issue is front and center in New Mexico, which has rapidly grown into the nation s third-largest oil producer.
Oil boom in New Mexico could stick taxpayers with cleanup costs - study
By Nichola Groom
Reuters
(Reuters) - Drillers in New Mexico have set aside only a tiny fraction of the money they will eventually need to clean up their wells, pipelines and other infrastructure in the state, leaving taxpayers at risk of footing some of the balance, according to a study published on Thursday.
Concerns are growing about who will pay for the environmental impact of more than a century of oil and gas production in the United States. The issue is front and center in New Mexico, which has rapidly grown into the nation s third-largest oil producer.
Oil boom in New Mexico could stick taxpayers with cleanup costs - study reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Oil boom in New Mexico could stick taxpayers with cleanup costs -study wtvbam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wtvbam.com Daily Mail and Mail on Sunday newspapers.