$7 million per well and this adds upwards of $97,000 (industry amount) to the cost… or less than 2%. Seems like a pretty small price to pay to help mitigate an enviromental hazard that could impact thousands of acres and people.
The $97,000 doesn’t include costs for complying with pressure testing each well, and storage of waste water. The latter expense is subject to increases over time. For example, spent nuclear fuel rod storage in cooling pools have significant costs of storage and associated legal compliance. And new government regulations can increase compliance costs over time. Finally, the $7 million cost per wellhead base is not the proper way to assess compliance costs. It makes more sense to compare the compliance costs per wellhead with the price of oil (per barrel) or (cu. yd) of natural gas.
I live here in CO and we need this law. Companies do whatever they want out here, move into people’s lawns and start drilling. We need to start being more environmental aware and responsible, not just about financial gain.
Check out the TX wells that were poisoned by fracking…it is a real concern.
Science cannot always prove what we humans know instinctively.
Look at the earthquakes in OK…
yes there is circumstantial evidence everywhere that fracking is not good for the earth…
where are the new inventions to get us off oil? why won’t our gov’t allow European cars with high mpg into our country?
Did you really compare this to spent nuclear fuel rods? If so, you just made the case for this regulation regardless of cost. You just compared waste water storage and pressure testing to control of exposure from spent fuel rods used in nuclear power plants. If this waste water is half that dangerous, this legislation has merit.
$7 million per well and this adds upwards of $97,000 (industry amount) to the cost… or less than 2%. Seems like a pretty small price to pay to help mitigate an enviromental hazard that could impact thousands of acres and people.
The $97,000 doesn’t include costs for complying with pressure testing each well, and storage of waste water. The latter expense is subject to increases over time. For example, spent nuclear fuel rod storage in cooling pools have significant costs of storage and associated legal compliance. And new government regulations can increase compliance costs over time. Finally, the $7 million cost per wellhead base is not the proper way to assess compliance costs. It makes more sense to compare the compliance costs per wellhead with the price of oil (per barrel) or (cu. yd) of natural gas.
I live here in CO and we need this law. Companies do whatever they want out here, move into people’s lawns and start drilling. We need to start being more environmental aware and responsible, not just about financial gain.
Check out the TX wells that were poisoned by fracking…it is a real concern.
Science cannot always prove what we humans know instinctively.
Look at the earthquakes in OK…
yes there is circumstantial evidence everywhere that fracking is not good for the earth…
where are the new inventions to get us off oil? why won’t our gov’t allow European cars with high mpg into our country?
Why do you let them on your lawn? Sounds like trespassing to me.
Did you really compare this to spent nuclear fuel rods? If so, you just made the case for this regulation regardless of cost. You just compared waste water storage and pressure testing to control of exposure from spent fuel rods used in nuclear power plants. If this waste water is half that dangerous, this legislation has merit.