WASHINGTON — The Department of the Interior today announced a nearly $80 million investment through President Biden’s Investing in America agenda for the state of Texas to continue work plugging, capping and reclaiming orphaned oil and gas wells across the state. This investment is the first Phase 1 formula grant awarded … [continued]
SACRAMENTO — In a strong move to hold oil companies responsible for the economic and public health dangers of oil wells left idle and unplugged, Governor Gavin Newsom has signed AB 1167, the “Orphan Well Prevention Act,” into law. This bill, authored by Assemblymember Wendy Carrillo, will ensure that the … [continued]
Those wells need to be decommissioned so that they never again spout emissions. But promising climate action and delivering it are two entirely different things.
It’s not news that the oil and gas industry has left millions of abandoned wells all across America and is placing the responsibility of closing those open wells on American taxpayers. Despite receiving billions in government subsidies every year, the fossil fuel industry simply doesn’t care about our planet, the … [continued]
In a report by Carbon Tracker, we learn that there are billion-dollar orphans that the oil and gas industry will most likely abandon — and these wells will become wards of the state. This means that taxpayers will be left with another bill.
Yesterday, the price of oil dropped below the $0 line. For the first time in history, the price was negative. Bloomberg reports that the price reached minus $37.63 per barrel. This means oil companies are paying people to haul oil away because they have so much of it, more is on the way, and they have to make room for the new oil deliveries already en route.
