Big oil is shedding old wells in California, many leaking and environmentally unsound. When the new buyers go bankrupt who do you think will be ultimately left holding the bag? Good article at TPM.
I started looking into the abandoned oil well problem, the Santa Barbara Grand Jury sensed something was rotten two years ago, the County Supervisors did nothing, basically said it was the responsibility of the state.
Another article on the subject; Oil bankruptcies leave environmental cleanup bills to California taxpayers.
...RILP and HVI Cat Canyon are just two of more than 260 oil and gas exploration and production companies that have filed for Chapter 11 bankruptcy in North America since 2015, according to law firm Haynes and Boone. Also among them was California Resources Corp., one of the state’s three major oil and gas producers. In Chapter 11 bankruptcies, companies try to restructure and resume operations, but some are ultimately converted to Chapter 7 bankruptcies where their businesses are liquidated.
Those roughly 260 bankrupt businesses combined to carry more than $175 billion in aggregate debt into the filings, most of it unsecured.