Who Will Pay to Take California’s Defunct Oil Wells Offline?
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.
Audio is streamed directly from the publisher (podtrac.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
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 about the study.
Related link(s):
Carbon Tracker, “There Will Be Blood: Decommissioning California’s Oilfields”
Guests:
Mark Olalde, reporter covering the environment in the Southwest, ProPublica; reported the piece, "It Will Cost Up to $21.5 Billion to Clean Up California’s Oil Sites. The Industry Won’t Make Enough Money to Pay for It."
Dwayne Purvis, founder and principal advisor, Purvis Energy Advisors; report author, "There will be blood: Decommissioning California’s Oilfields"
Learn more about your ad choices. Visit megaphone.fm/adchoices