Orphaned oil and gas wells are costing taxpayers billions while companies get off scot free, New litigation may change the rules of the game.
When an oil or gas company drills a well, it is supposed to post a bond — a sum of money sufficient to cap it and mitigate any environmental damage when it stops producing. Typically, those bonds are woefully inadequate, amounting to no more than a few pennies on the dollar, and so those so-calledThis travesty is the result of the cozy relationship between oil and gas companies and governments.
Last week, the McCormicks joined a group of property owners and farmers in Colorado in a lawsuit against HRM Resources, an oil company based in Denver. The plaintiffs says oil companies including Chevron transferred hundreds of nearly depleted wells to HRM, which then conspired to avoid millions of dollars in clean-up obligations.
The litigation follows another suit brought by land owners in West Virginia against gas producer EQT for allegedly fraudulently transferring 700 aging wells to another company to avoid clean-up responsibilities. EQT denies these allegations and is fighting the lawsuit in federal court.
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