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Colorado oil and gas wells can’t fund their own cleanup. Taxpayers may foot the bill | A Carbon Tracker report shows the cost to safely shut down low-producing wells is $3bn more than what they earn (www.theguardian.com)

submitted 1 month ago by [email protected] to c/[email protected]

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cross-posted from: https://slrpnk.net/post/10954294

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[–] stoy 4 points 1 month ago* (last edited 1 month ago)

I have thought about this for a while now, before any natural resource can be exploited the following needs to be done:

An environmental restoration fund needs to be set up qith an initial payment and an aditional 2% of the value of the resource exploited anually throughout the life time of the facility, this money of controlled by the government and used to fund environmental restoration once the the facility is closed.
10% of the annual value of the resource extracted will go to the local government, and be spent on upkeep and quallity of life for the local citizes, 10% of the annual value of the resource extraxted will go to the country government.

In total that is 22% so the company gets to keep 78%, seems resonable to me.