As Big Oil Companies Sell Their Wells, Taxpayers May Have To Pay To Clean Them
Shell and ExxonMobil are selling their California wells, despite oil selling at high prices, ProPublica reports.
Despite record high profits some of the world’s largest oil companies are selling assets and beginning to pull out of the state.
Experts say this is because despite the strong cash flow in the short term, producers have more to gain from offloading wells due to the associated liability.
Specifically, companies want to avoid having to pay for expensive environmental cleanup.
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