Cleanup of orphaned oil wells could cost California $500 million, new report says
There are 5,500 orphaned wells statewide, most of them in L.A. and Long Beach. Thousands more are unproductive and could add to the state's liability.a new report released Thursday by a state research agency. The California Council on Science and Technology estimated that the state already is liable for more than $500 million in cleanup costs for more than 5,500 orphaned wells up and down the state. The potential liability far outpaces the funds the state has on hand to combat the issue. The companies holding wells identified as orphaned in the 67-page report made just $26 million available to the state for their cleanup. The state’s responsibility could quickly grow, the report says: Another 69,000 wells have little to no production and little hope of restarting, or are held by financially weak businesses. Advertisement Judson Boomhower, an energy expert and assistant professor of economics at UC San Diego who was lead author of the report, said in a statement that the state has recently taken steps to require a greater financial commitment from oil and gas companies to avoid being saddled with the responsibility of cleanup in the future. “However, our initial analysis implies that the potential cost to the state still substantially exceeds the value of these assurances,” Boomhower said. The report says orphaned wells are concentrated in Los Angeles and Long Beach, where costs associated with cleanup are “systematically high.” Two orphaned wells that started emitting odors in Echo Park in 2016 cost the state more than $1 million to seal. Mothballed wells off California’s coast, such as Platform Holly, have attracted the attention of state regulators for their potential to spill into the ocean and the large costs associated with their decommissioning. But, the report points out, issues with sealing wells are not limited to offshore wells, which represent just 2% of the state total. Advertisement “The vast majority of orphan wells in the state are located onshore,” the report states. “These wells represent potentially large liabilities for the state.” The California Council on Science and Technology describes itself as a nonpartisan, nonprofit organization that has operated since 1988, after it was created by the state Legislature. The report was prepared after being requested by the Division of Oil, Gas and Geothermal Resources under the California Department of Conservation. The report highlights the need for stronger state oversight, one environmental group said Friday. “This study shows it’ll ultimately cost billions to plug these dangerous wells, yet the companies profiting from the oil have set aside a tiny fraction of that money for cleanup,” said Hollin Kretzmann, an attorney at the Center for Biological Diversity. “If state officials don’t impose stronger rules, California taxpayers will end up paying big bucks to fix this toxic problem.” There was no immediate comment from the Read more: Los Angeles Times
Way less than that worthless train and way more impact helping the environment. Ask billionaires to help then develop low cost housing or homeless housing.
Column: Oil industry subpoenas aim to harass and intimidate, consumer group saysA Santa Monica-based consumer group has spent thousands fending off subpoenas issued by oil companies in connection with lawsuits in which the group is neither plaintiff or defendant. Columnist hiltzikm explains how this situation came to be: hiltzikm Tentoads4truth hiltzikm A witness can be subpoenaed. Headline not accurate.
World Bank to consider giving Tanzania $500 million education loan despite ban on pregnant schoolgirlsA multi-million dollar World Bank education loan to Tanzania is back on the table for possible approval after it was pulled over a year ago amid concerns about the country's policy of banning pregnant girls and young mothers from attending state school
Former Wells Fargo CEO’s financial future is secure despite millions in penaltiesEx-CEO John Stumpf left Wells Fargo with his image in tatters, forfeited more than $70 million and now faces a huge fine. But his nest egg is intact. That's probably because Wells Fargo stole billions from their customers. Paying a few million is nothing when you made billions The type of response When you have 'F*** You money' Wells Fargo signed me up for a investment account that took money out of my deposit every month for two years, and NEVER invested it It was held in a O% interest holding account instead. Then they charged me for non activity What else is new
Ex-Wells Fargo leaders personally face $59 million in fines; Stumpf banned from industryWells Fargo ex-CEO John Stumpf agreed to pay a $17.5-million penalty and be banned from the banking industry. Not enough. They execute bad bankers in Vietnam Good It’s about time the corrupt people pay for their thefts!
Review: ‘The Turning,’ a Henry James update starring Mackenzie Davis, is a ghostly puzzleA new nanny is tasked with caring for a pair of disturbed orphans at a creepy estate in rural Maine.
ICYMI, Sunday Riley Permanently Slashed The Price Of Its Best-Selling Product🚨Sunday Riley's best-selling product is now 20% cheaper than it used to be. Well, it could have a little something to do with the company getting caught writing fake reviews for years. People are less likely to buy snake oil afterwards