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Fossil fuel companies may go bankrupt as market forces and the COVID-19 pandemic tank the industry; these companies are likely to leave behind thousands of abandoned oil and gas wells strewn across the Western landscape. Yesterday, members of the House Natural Resources Committee discussed the creation of a federal clean-up program that could be part of COVID-recovery actions.
The potential program would employ struggling oil workers to plug orphan wells that leak methane and other air and water pollutants. There are currently 56,000 known abandoned oil and gas wells in the United States, and a national oil and gas well plugging program could create 13,000 high-paying jobs.
New Mexico senators and representatives summed up the situation, writing, "With recent declines in revenue, hardworking New Mexican oil and gas workers have lost their livelihoods. At the same time, old, decaying wells and environmental damage threaten communities across the country."
However, many have pointed out that any federal clean-up program needs to be paired with adequate well bonding (financial assurances from companies). Current well bonding requirements are inadequate to cover clean-up costs, often landing taxpayers with the bill.
Lands package momentum builds
Congress is set to begin debate as soon as this week on a landmark bipartisan public lands package. The Great American Outdoors Act (GAOA) would fully fund the popular Land and Water Conservation Fund (LWCF), while also creating a trust fund to reduce the extensive deferred maintenance backlog on public lands. Recent economic analysis shows that every $1 million invested in LWCF could support up to 30 jobs, making the package an excellent pandemic recovery investment in addition to a major conservation effort.
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