Katie Porter: “Oil and gas companies set up entity after entity, corporate…”

“They purchase a bond so that if there's a need to do environmental remediation or cleanup, the taxpayers aren't left holding the bag. Those bonding requirements are too low. And these what happens is Oil and gas companies set up entity after entity, corporate shells in essence, to [conduct] oil and gas drilling. And essentially when they're done, those entities declare bankrupt and walk away and the taxpayers wind up on the hook for abandoned wells. And public citizen has done amazing work.” (07:22–07:32)

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