Editorial: Cleaning up California's oilfields may cost $21.5 billion. Taxpayers shouldn't get the bill

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Editorial: Cleaning up California's oilfields may cost $21.5 billion. Taxpayers shouldn't get the bill
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Editorial: Cleaning up California's oilfields may cost $21.5 billion. Taxpayers shouldn't get the bill (via latimesopinion )

New York just became the first state to ban gas hookups from new buildings to fight climate change and air pollution. What’s preventing California from doing the same?

“We issue far more permits to plug and abandon wells than any other activity,” spokesperson Jacob Roper said, “which means existing oil companies are plugging more of their own wells than they are drilling.”that gave it broad authority to increase the amount of cleanup money oil producers must set aside, up to $30 million per operator.

That doesn’t mean it’s futile. State regulators and lawmakers could be doing a lot more by adopting dramatically larger bond requirements, accelerated deadlines for plugging wells, andto reduce incentives for operators to transfer wells to smaller companies that are more likely to bail on their cleanup obligations.

The California Independent Petroleum Assn., an industry trade group, criticized the Carbon Tracker report, saying it overestimated the costs by calculating what it would cost the state to plug wells, which is higher than what it costs the oil industry. But it provided no estimate of its own.

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latimes /  🏆 11. in US

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