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Largest Pollution Issue in the United States
1. Objective: Amend Law 117-169 (Tax Credit Funding).
- Funding: Sell Federal Tax Credits to fund well closure program.
- National Problem: 1.0 million orphan oil & gas wells.
- Average orphan well age 50 to 125 years.
- 22 States.
- Projected cost: $ 200.0 billion over twenty years.
Orphan Oil & Gas Well Closure
1. Objective: Amend Law 117-169 (Tax Credit Funding).
- Funding: Sell Federal Tax Credits to fund programs.
- National Strategy to solve the problem.
- Pilot Goal: Fund 5,000 well closings per year.
- Cost: $ 750.0 million annually (166 crews/1,000 people).
- Term: 10 years.
Site Restoration
1. Objective: Amend Law 117-169 (Tax Credit Funding).
- Pilot Goal: Restore orphan well sites.