Who Will Pay to Take California’s Defunct Oil Wells Offline?
Gas and oil production in California has been on a slow decline for decades, and more than a third of unplugged onshore oil wells are sitting idle. Those unplugged wells can leak methane, brine and carcinogenic chemicals — and are vulnerable to geological risks like earthquakes and landslides. A first-of-its-kind study, published by think tank Carbon Tracker, looks at the massive costs of decommissioning and cleaning up wells. With the costs of cleaning up exceeding the industry’s future profits by billions of dollars, the shortfall could mean that taxpayers are on the hook. We learn more…
The skinny
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