There is a very good chance that California taxpayers will be on the hook for $500 million in future costs of plugging so-called “orphan” oil and gas wells, and a good chance the number could be as high as $5.7 billion, according to a new report.
The report, released Friday by the California Council on Science and Technology, an independent, state-commissioned body, exposes yet another massive cost the oil, gas, and petrochemical industry is attempting to pass off onto the public — and another risk to investors in the industry should the state act to force industry to internalize these costs, as justice and the existential threat of climate change demands.
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