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We have this problem in WV, too, but also with coal mines.
Mining companies have to put up reclamation bonds to get permits, but those bonds aren’t even close to the cost of cleanup. So companies just abandon ship, forfeit the bonds (which are far less than the cost of cleanup/remediation), and the taxpayers are left to foot the cleanup bill. In the meantime, they leach heavy metals and other toxic crap into nearby communities.
I read an article in Colorado what’s happening is due to some sort of legal loophole companies are able to spin off their unprofitable Wells into a tertiary corporation and then that company can go bankrupt and because it has no assets of any value
Too bad, so sad. Time to fine them to the moon and back.
Those poor independent little oil wells. Totally disconnected from kajillion-dollar global industries.
That’s the idea: extract the oil, pay out everything as dividends or share buybacks, and then sell the well to a doomed-to-fail company which can declare bankruptcy and leave the public responsible for cleaning up the mess. The oil industry has a long history of taking advantage of inadequate bond requirements for oil wells to do exactly that.
Fuck the bond requirements, just find a judge who’ll call bullshit. Shell companies are not a new scam.
Sorry, but the judge is hoping for a gratuity
Sounds like the companies should have thought of that when deciding to drill.
Fine them for every cent spent
BURN THEM TO THE GROUND
If you’re wondering if I mean metaphorically or literally, first one, then the other but in a climate-friendly way.
What’s that? Is it the sound of Energy Cost of Energy knocking at the door? Oh, and look at this, they’ve left a pamphlet titled “The bell tolls for thee, intensive input agricultural base, it tolls for thee”
Maybe limited liability should not apply to negligence.
Change the laws so you can go after the shareholders other assets.
So if you can’t handle the liability then maybe don’t do it idk. If I was king heads would roll.
Every part of these oil companies is just pure evil.
Yet fucking tax credits? Fuck off
