taxpayers
California regulators fail to enforce new oil well cleanup law
California regulators decided they lack the authority to enforce the state's new oil well cleanup law on California's largest oil company merger, potentially costing taxpayers billions.
In short:
- California’s new oil well cleanup law, passed in October, requires companies to set aside bonds to cover cleanup costs during well transfers.
- State regulators ruled the law doesn't apply to the merger of California Resources Corp. and Aera Energy, which involves about 16,000 idle wells.
- Critics argue this interpretation creates a loophole allowing companies to evade the law’s financial requirements.
Key quote:
“If a company is drilling for oil in California, they should be responsible for cleaning and closing that oil well. Not enforcing the law as intended sets-up our state for a potential financial catastrophe.”
— Assemblymember Wendy Carrillo
Why this matters:
Idle oil wells in California leak pollutants, endanger public health and pose financial risks to taxpayers. Without enforcement, the state faces escalating cleanup costs and environmental hazards.
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In a nutshell
Climate change is proving costly for taxpayers, with millions of dollars already allocated to climate change mitigation measures and predictions of billions more in economic, health, and environmental damages in the coming years. As the debate rages on, the question remains: should Vermonters foot the bill, or should the big oil companies that knowingly contributed to the problem step up and take responsibility for the mess they created? Vermont's Climate Change Superfund Act would require Big Oil to to do just that.
Key quote
"Unsurprisingly, making polluters pay to clean up their messes is wildly popular. A recent poll of voters conducted by Data for Progress found that 64% of Vermonters support a bill that would assess a one-time fee on big oil and gas companies such as ExxonMobil and Chevron to pay a share of the costs for making Vermont’s infrastructure better able to withstand the impacts of climate change."
The big picture
Burning fossil fuels releases harmful pollutants that contribute to air pollution, respiratory illnesses, and premature deaths. These impacts disproportionately affect vulnerable communities, exacerbating existing health disparities. Big Oil companies knew about the risks associated with carbon pollution but chose to prioritize profits over the well-being of people and the planet. As U.S. states grapple with the effects of climate change brought about by the burning of fossil fuels, Governor Phil Scott's decision about who should bear the burden of climate change damages will be closely watched.
Read the opinion piece at the Vermont Digger.
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