The US Senate has approved a bill that updates century-old oil industry laws to help protect taxpayers from bearing the cleanup costs of orphan wells. The bill will also provide a regulatory framework for carbon capture utilization and storage (CCUS) on federal lands. With the approval of the bill, US lawmakers aim to transition towards clean energy sources while ensuring responsible use of outdated resources.
1. The US Senate has approved a bill to update century-old oil industry laws.
2. The bill aims to protect taxpayers from bearing the cleanup costs of orphan wells.
3. It provides a regulatory framework for carbon capture utilization and storage on federal lands.
4. The legislation acknowledges the need for a cleaner and more sustainable energy future.
5. The bill holds oil companies accountable for their waste and ensures funds are in place to restore and reclaim abandoned sites.
The bill aims to allocate $4.6 billion to clean up abandoned oil and gas wells across the United States.
Cleaner and more sustainable energy future. The legislation acknowledges the urgent need to address the environmental consequences of abandoned oil wells, ensuring that the burden of cleanup is not solely shouldered by taxpayers. By modernizing these outdated laws, we can hold oil companies accountable for their waste and ensure that the necessary funds are in place to restore and reclaim these abandoned sites. This forward-thinking approach is a crucial step towards a greener and more responsible oil industry.