Press Release: New Bills Modernizing Oil and Gas Industry Will Benefit Us All

MEDIA STATEMENT 

June 22, 2021 

FOR IMMEDIATE RELEASE 

CONTACT: Amy Dominguez, Communications Coordinator, Hispanics Enjoying Camping, Hunting, and the Outdoors (HECHO); 303-441-5146, amy@hechoonline.org 

New Bills Modernizing Oil and Gas Industry Will Benefit Us All 

June 22, 2021 – U.S. Senator Michael Bennet introduced the Oil and Gas Bonding Reform and Orphaned Well Remediation Act today, setting a precedent in holding oil and gas companies accountable in their operation of our nation’s public lands. The bill calls for a two-step approach in addressing the burdensome and broken system that has been in place for decades and has impacted local governments and taxpayers alike. 

The two-step approach would first lift the burden on local governments by funding good-paying jobs to remediate orphaned wells. Second, the bill would modernize federal oil and gas bonding requirements holding companies responsible for their oil and gas production infrastructure.  

Outdated federal standards have made it easy for oil and gas companies to abandon their projects, such as orphaned wells that have stopped producing oil and gas. Without remediation, they can pollute groundwater and watersheds, and leak methane, impacting crops, wildlife, and livestock. Plugging them properly can cost upwards of three hundred thousand dollars for modern wells, and are often not included in the gas bonds that are implemented to act as an insurance policy in the event that the company goes bankrupt, meaning that remediation often falls to taxpayer responsibility.  

Senator Bennet’s bill would ensure that oil and gas companies operating on public lands are being held to the highest standard, while modernizing oil and gas bonding requirements to reflect the true cost of remediation. This would help to shift the burden away from state and local governments. Additionally, the bills would establish standards for inactivity and cleanup, creating jobs by establishing a multi-billion-dollar orphaned well fund, and improving accountability in onshore lease operations.  

In response, Camilla Simon, Executive Director of Hispanics Enjoying Camping, Hunting, and the Outdoors (HECHO), released the following statement: 

“Many Hispanics participate in outdoor traditions passed down through the generations-- practices that rely on healthy waterways, clean air, and rich wildlife habitats. Our broken federal oil and gas leasing system puts all of this at stake, and it is time to do something about it. Senator Bennet has introduced two important bills to reform this system and hold companies accountable for cleaning up their mess while ensuring community input is heard. Coupled with the Biden administration’s pause on new leases, these reforms will help fix the leasing system so that it works better for all of us,” said Camilla Simon, Executive Director of Hispanics Enjoying Camping, Hunting, and the Outdoors (HECHO). 

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