{"id":65381,"date":"2023-06-01T09:23:34","date_gmt":"2023-06-01T14:23:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65381"},"modified":"2023-06-01T09:23:34","modified_gmt":"2023-06-01T14:23:34","slug":"it-will-cost-up-to-21-5-billion-to-clean-up-californias-oil-sites-the-industry-wont-make-enough-money-to-pay-for-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65381","title":{"rendered":"It will cost up to $21.5 billion to clean up California\u2019s oil sites. The industry won\u2019t make enough money to pay for it."},"content":{"rendered":"
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It will cost up to $21.5 billion to clean up California\u2019s oil sites. The industry won\u2019t make enough money to pay for it.<\/a><\/h3>\n

An expert used California regulators\u2019 methodology to estimate the cost of cleaning up the state\u2019s onshore oil and gas industry. The study found that cleanup costs will be triple the industry\u2019s projected profits.<\/strong><\/p>\n<\/div>\n<\/header>\n<\/div>\n

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An oil pumpjack is silhouetted against the morning sunrise on July 8, 2021, north of Bakersfield, California.\u00a0George Rose\/Getty Images<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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For well over a century, the oil and gas industry has drilled holes across California in search of black gold and a lucrative payday. But with production falling steadily, the time has come to clean up many of the nearly quarter-million wells scattered from downtown Los Angeles to western Kern County and across the state.<\/p>\n

The bill for that work, however, will vastly exceed all the industry\u2019s future profits in the state, according to\u00a0a first-of-its-kind study published on May 18<\/a>\u00a0and shared with ProPublica.<\/p>\n

\u201cThis major issue has sneaked up on us,\u201d said\u00a0Dwayne Purvis<\/a>,\u00a0<\/a>a Texas-based petroleum reservoir engineer who analyzed profits and cleanup costs for the report. \u201cPolicymakers haven\u2019t recognized it. Industry hasn\u2019t recognized it, or, if they have, they haven\u2019t talked about it and acted on it.\u201d<\/p>\n

The analysis, which was commissioned by\u00a0Carbon Tracker Initiative,<\/a>\u00a0a financial think tank that studies how the transition away from fossil fuels impacts markets and the economy, used California regulators\u2019\u00a0draft methodology<\/a>\u00a0for calculating the costs associated with plugging oil and gas wells and decommissioning them along with related infrastructure. The methodology was developed with feedback from the industry.<\/p>\n

The report broke down the costs into several categories. Plugging wells, dismantling surface infrastructure and decontaminating polluted drill sites would cost at least $13.2 billion, based on publicly available data…<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n

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It will cost up to $21.5 billion to clean up California\u2019s oil sites. The industry won\u2019t make enough money to pay for it. An expert used California regulators\u2019 methodology to estimate the cost of cleaning up the state\u2019s onshore oil and gas industry. The study found that cleanup costs will be triple the industry\u2019s projected […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[101,15759,33833,1729,5617,638],"class_list":["post-65381","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-california","tag-grist","tag-mark-olalde","tag-oil-and-gas-industry","tag-pollutants","tag-pollution"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65381"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65381\/revisions"}],"predecessor-version":[{"id":65382,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65381\/revisions\/65382"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}