A new state law mandates that oil companies put up money to plug wells before acquiring them. It could fail its first big test, putting taxpayers on the hook.
Unplugged oil and gas wells accelerate climate change, threaten public health and risk hitting taxpayers’ pocketbooks. ProPublica and Capital & Main found that the money set aside to fix the problem falls woefully short of the impending cost.
The company at the center of the settlement is called a “poster child” for state Oil and Gas Act reforms.