Oil and Gas Industry Dodging Responsibilities

The oil and gas industry has been avoiding its obligations through regulatory breaks and tax benefits, particularly in maintaining and abandoning wells. The industry faces challenges as many wells are temporarily idled due to the pandemic, risking abandonment. Companies delay plugging and remediating wells due to high costs, with estimates being significantly underestimated. A report reveals that the actual cost of plugging shale wells could be up to ten times more than previously thought, creating a substantial financial burden on struggling companies.