Gladwyn d’Souza#regulatorycapture starts with #weakoversight: bonds, which are financial instruments guaranteeing to pay for cleanup, cover only a tiny fraction of plugging and decontamination cost.
“A Setup for Disaster”: California Legislation Requiring Companies to Pay for Oil and Gas Well Cleanup in Limbo
The bill, which awaits a decision by Gov. Gavin Newsom, follows ProPublica’s reporting on the multibillion-dollar cost to clean up California’s oil and gas industry and the exodus of major companies shifting ownership of thousands of aging wells.