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Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill | A Carbon Tracker report shows the cost to safely shut down low-producing wells is $3bn more than what they earn (www.theguardian.com)
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[-] silence7@slrpnk.net 8 points 4 months ago

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.

[-] mindbleach@sh.itjust.works 4 points 4 months ago

Fuck the bond requirements, just find a judge who'll call bullshit. Shell companies are not a new scam.

[-] silence7@slrpnk.net 5 points 4 months ago* (last edited 4 months ago)
this post was submitted on 28 Jun 2024
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