3 ms·

The problem is that if oil/mining companies had to take care of old wells/mines they'd instantly go bankrupt. The only reason they make so much money is becaus

The problem is that if oil/mining companies had to take care of old wells/mines they'd instantly go bankrupt. The only reason they make so much money is because they disregard externalities

aziaziazi 2y ago
You mean, like other companies with worldwide concurrence?
gosub100 2y ago
Take care of old mines from other companies?
AndyMcConachie 2y ago
They'd still make tons of money if they had to cleanup their spills and old mines. They're just greedy and want to make more.
- lm28469 2y ago
  > They'd still make tons of money I don't think you understand the scale of the problem... Plugging leaking wells in the US alone is estimated to cost $280b, that's 10 years of net profit for Shell or ExxonMobil. Even taking the top 5 world oil companies _profit_ from 2022 (most profitable year so far) you're short $80b, for the US alone, and that's only onshore wells. > Researchers estimate that there are between 2-3 million abandoned oil and gas wells in the United States, and more than 117,000 of those, across 27 states, are “orphaned”—that is, uncapped, unproductive, and with no responsible party identified to manage leakage or pollution risks https://www.cnbc.com/2022/02/24/plugging-methane-leaking-oil-gas-wells-in-the-us-will-cost-billions.html https://www.cnbc.com/2022/02/24/plugging-methane-leaking-oil... https://www.sciline.org/environment-energy/abandoned-oil-gas-wells https://www.sciline.org/environment-energy/abandoned-oil-gas...
  - PittleyDunkin 2y ago
    If the companies can't responsibly operate as a for-profit entity, nationalization seems like a reasonable path forward.
themaninthedark 2y ago
The problem is if software companies had to take care of their old programs/vulnerabilities they'd instantly go bankrupt. I think you will find many oil and mining companies have gone bankrupt(as well as software companies) and that the problem is a bit more nuanced than just treating the entire industry as a single monolithic entity.
- ZeroGravitas 2y ago
  Many of the oil and gas (and coal) companies that have gone bankrupt are part of a deliberate ploy to load up debts and externalities on firms that go bankrupt so that the people who benefitted can escape their responsibilities.
BlueTemplar 2y ago
And last I checked, tight oil US companies (taken together) were not even profitable (except for a single quarter) even despite a low interest rate financial environment and wildly insufficient funds dedicated to cleanup ?

The problem is that if oil/mining companies had to take care of old wells/mines they'd instantly go bankrupt. The only reason they make so much money is because they disregard externalities

aziaziazi 2y ago

You mean, like other companies with worldwide concurrence?

gosub100 2y ago

Take care of old mines from other companies?

AndyMcConachie 2y ago

They'd still make tons of money if they had to cleanup their spills and old mines. They're just greedy and want to make more.

lm28469 2y ago
> They'd still make tons of money I don't think you understand the scale of the problem... Plugging leaking wells in the US alone is estimated to cost $280b, that's 10 years of net profit for Shell or ExxonMobil. Even taking the top 5 world oil companies _profit_ from 2022 (most profitable year so far) you're short $80b, for the US alone, and that's only onshore wells. > Researchers estimate that there are between 2-3 million abandoned oil and gas wells in the United States, and more than 117,000 of those, across 27 states, are “orphaned”—that is, uncapped, unproductive, and with no responsible party identified to manage leakage or pollution risks https://www.cnbc.com/2022/02/24/plugging-methane-leaking-oil-gas-wells-in-the-us-will-cost-billions.html https://www.cnbc.com/2022/02/24/plugging-methane-leaking-oil... https://www.sciline.org/environment-energy/abandoned-oil-gas-wells https://www.sciline.org/environment-energy/abandoned-oil-gas...
- PittleyDunkin 2y ago
  If the companies can't responsibly operate as a for-profit entity, nationalization seems like a reasonable path forward.

themaninthedark 2y ago

The problem is if software companies had to take care of their old programs/vulnerabilities they'd instantly go bankrupt. I think you will find many oil and mining companies have gone bankrupt(as well as software companies) and that the problem is a bit more nuanced than just treating the entire industry as a single monolithic entity.

ZeroGravitas 2y ago
Many of the oil and gas (and coal) companies that have gone bankrupt are part of a deliberate ploy to load up debts and externalities on firms that go bankrupt so that the people who benefitted can escape their responsibilities.

BlueTemplar 2y ago

And last I checked, tight oil US companies (taken together) were not even profitable (except for a single quarter) even despite a low interest rate financial environment and wildly insufficient funds dedicated to cleanup ?