TheGentYYC

Here's the prime #OrphanOilwell problem as I understand it: #BigOil (which has all the $ in the world) "sells off" spent oilwells to small companies going bankrupt & who could *never* afford cleanup in the first place. This from an industry claiming to produce #EthicalOil.

It's the same bunch of crooks that'd like us to trust them on #CCS and think Canada should give them billions. Just ask the enormous liars at
#PathwaysNetZero.

#abpoli #ableg #cdnpoli #OILigarchy

https://www.cbc.ca/news/canada/calgary/alberta-orphan-wells-cleanup-bill-12-1.5528257

OPINION | On orphan wells, dine-and-dash should not be the business model | CBC News

For decades, conservative governments in Alberta allowed oil and gas companies to pump profits into their pockets before dumping the mess on others.

CBC
Feb 11, 2023 at 5:24pmWeb
Show threadTheGentYYCFeb 11, 2023

If ultra-wealthy industry front groups begging money from governments like #PathwaysNetZero want a shred of credibility they need to answer whether they agree with #Scotiabank (no innocents themselves on all this) or not. Every Albertan deserves an answer.

#abpoli #ableg #cdnpoli #OILigarchy

https://www.thestar.com/business/2023/02/09/scotiabank-says-royalty-credits-for-well-cleanup-would-damage-industrys-reputation.html

Scotiabank says royalty credits for well cleanup would damage industry’s reputation

CALGARY - Scotiabank is warning that the Alberta government’s plan to give oil companies a royalty credit for cleaning up their old wells could damage...

thestar.com
Show threadTheGentYYCFeb 11, 2023

Obviously it should go without saying that any #BigOil company that sold their #OrphanWells to companies all knew couldn't pay for the cleanup should not only not get one cent of this 20 billion but no federal #CCS $ either. Same with oil companies that took #CERB then turned around and offered #ShareBuyBacks to investors. Fool me once...

#abpoli #ableg #DanielleSmith #NDP #cdnpoli #OILigarchy https://www.macleans.ca/news/canada/bankrupt-oil-companies-are-saddling-alberta-landowners-with-orphan-wells/

Bankrupt oil companies are saddling Alberta landowners with 'orphan wells' - Macleans.ca

The Orphan Well Association is tasked with cleaning up the environmental messes left behind, but it’s having trouble keeping up as oil companies collapse

Macleans.ca
Show threadPatFeb 11, 2023

@TheGentYYC

#abpoli #ableg #cdnpoli

#OILigarchy#abpoli #ableg #Cdnpoli

The economic impact pf Alberta assuming clean up costs , for uninsurable environmental damage, is an overstating of oil profits as taxpayers assume billions in accrued and accruing costs in deferred liabilities. If someone else pays your bills you must surely profit.

Show threadPatFeb 11, 2023

@TheGentYYC #abpoli #ableg #cdnpoli

#OILigarchy#abpoli #ableg #Cdnpoli

For the record, the insurance front clean up scam set up by the Alberta Govt , that touts private industry and decries insurers ,would be closed down as insolvent if a private insurer.

Show threadPatFeb 11, 2023

@TheGentYYC #abpoli #ableg #cdnpoli

#OILigarchy#abpoli #ableg #Cdnpoli

If I am to bitch I am compelled to offer a solution,& the answer is well known.

Who has had an ins claim denied in Cda because a company went bankrupt ? Ins companies chip in to a fund in case this happens. This was what the Alberta Abandoned Well Fund , Damage Deposit, was to be, but premiums for polluters were pardoned & none paid , & companies run away.

Solution:

Collect the pollution premium. No free ride

Show threadTheGentYYCFeb 11, 2023
@PBruce Sounds good to me, Pat
Show threadPatFeb 11, 2023

@TheGentYYC

You know when we get past all the BS Alberta has contributed greatly to Canada and is simply repeating the same mistake all Provinces have made/make, on a larger ,more public scale.

But,ultimately we will all pay for clean up. So the time is past for petty manufactured divisions .My family don't just live in one Province, & we all have the same passport . We also all ,whether intentionally or not , benefited economically from the destruction & still do

Show threadAlison CreeksideFeb 11, 2023
@TheGentYYC
The most likely recipients of DaniSmith's recent largesse of $100M in foregone public funding - Canadian Natural Resources, Cenovus Energy, Paramount Resources, & Whitecap Resources - made around $5 billion net income last quarter.