Maybe cleanup costs should be baked into the price of a building permit…
Yes. If your work requires environmental cleanup, you should be required to post bond to cover it.
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.
If these companies can’t afford to pay for insurance to cover their asses, then they’re a failed business that shouldn’t be allowed to operate.
Why pay for insurance if you can just buy some politicians? They’re pretty cheap.
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!
Have you ever seen an American child? 'Cause they thicc.
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?
