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Sounds like the companies should have thought of that when deciding to drill.
Fine them for every cent spent
I’m personally working on this problem. It sucks, and the politics are frustrating as hell, but the people working at the State of CO to reign in oil and gas are making every penny of funding work as hard as it can.
Those poor independent little oil wells. Totally disconnected from kajillion-dollar global industries.
That’s the idea: extract the oil, pay out everything as dividends or share buybacks, and then sell the well to a doomed-to-fail company which can declare bankruptcy and leave the public responsible for cleaning up the mess. The oil industry has a long history of taking advantage of inadequate bond requirements for oil wells to do exactly that.
Fuck the bond requirements, just find a judge who’ll call bullshit. Shell companies are not a new scam.
Sorry, but the judge is hoping for a gratuity
Maybe limited liability should not apply to negligence.
Change the laws so you can go after the shareholders other assets.
What’s that? Is it the sound of Energy Cost of Energy knocking at the door? Oh, and look at this, they’ve left a pamphlet titled “The bell tolls for thee, intensive input agricultural base, it tolls for thee”
You mean they don’t want to.
So if you can’t handle the liability then maybe don’t do it idk. If I was king heads would roll.
In Australia, a similar situation occurs where mining companies receive significant subsidies, pay minimal taxes, generate billions in revenue and profit, and leave taxpayers responsible for site remediation costs amounting to hundreds of millions of dollars. Despite these subsidies, Australians do not benefit from cheaper products or electricity. Much of the mined resources are exported, and Australia often buys them back at significantly higher prices. And yet, apparently, Australians are okay with this.
