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
IDK about Texas, but in Alberta there's an Orphan Well fund that every company contributes to as part of their royalties that covers expected cleanup. And that's only bankrupt companies, if a solvent company shuts down a well, they pay to restore the land or the province does it and sues them for it.
It's not even that they "can't" fund their own cleanup. The put down a cleaning deposit before operations begin and just walk away when the cleanup costs more than they originally put down.
I'd say they give the finger while walking but they need their hands to count their profits
Ultimately, the Carbon Tracker analysts conclude, policymakers must decide between developing new, rigorous alternatives, or sending the bill to taxpayers by default. That will likely involve compelling resource-rich firms to start setting aside savings from their profits now.
Workers have taxes withheld from their paychecks. Seems fair a similar mechanism should exist for oil profits to fund orphaned-well cleanups. But -- we really need to transition away from fossil fuel entirely! Does this create a motive for the government to insure a company or two are profitable enough to subsidize all the poorer companies cleanup costs, therefore motivating increased use of fossil fuels?
I'm MUCH Happier with my Tax Dollars going to these companies first to Drill the Wells and then to Clean the Wells. It's a MUCH better use of Tax Dollars then Feeding STARVING AMERICAN CHILDREN!