I talk to Virginia Palacios of Commission Shift about the Texas Railroad Commission, its misleading name, and its cozy relationship with the oil and gas industry it's meant to oversee.
My enthusiasm for Electric Vehicles has risen sharply over the past year, given the record production of oil, sloppy venting of methane, and my acceptance that this industry will almost certainly leave a spectacular mess for the taxpayer to clean up.
Great podcast, David. You are the epitome of 'If I didn't laugh I would be crying'. Thanks for bringing some levity to this serious subject. Glad you are feeling better!
David, do you or Virginia know if the Texas Railroad Commission sends a knowledgeable person out to a site where wildcat drillers have filed a permit to drill? Does the Commission check to see if there are boba Duda seismic studies done on the property before they are granted a permit to drill? I have a feeling that some of the small drills companies are scams. They contact property owner’s with false promises and sell shares to investors for wells that have little or no oil. They might be able to get a little oil out of the well, but then they abandon the well and the property owners and investors
Left to their own devices, unregulated capitalism is destroying our environment and our health. Here’s an example of the type of blowout that Virginia was talking about:
Thank goodness for the Texas Railroad Commission. Can you even imagine how much worse these kinds of blowouts could be without them? Yeah, I was thinking the same thing.
Jim - I am glad you said "unregulated" capitalism. I believe in capitalism, but this kind of corruption is not capitalism - it is corruption. Evidently, state-supported corruption, but corruption nonetheless. In a nutshell, good regulation requires that producers pay for their externalities. Regulated capitalism will work. Someday, we might try it out.
Meanwhile, in New Mexico... 😄
American Combustion Enthusiasts love Russian Oligarchs!
"It’s settled: New Mexico to bankroll plugging of oil wells for Texas company"
The company at the center of the settlement is called a “poster child” for state Oil and Gas Act reforms.
https://sourcenm.com/2023/12/22/its-settled-new-mexico-to-bankroll-plugging-of-oil-wells-for-texas-company/
My enthusiasm for Electric Vehicles has risen sharply over the past year, given the record production of oil, sloppy venting of methane, and my acceptance that this industry will almost certainly leave a spectacular mess for the taxpayer to clean up.
Even satellites are bias
https://www.linkedin.com/posts/sharon-wilson-15786242_a-question-for-the-methane-satellite-nerds-activity-7243651145263374336-_7tF?utm_source=share&utm_medium=member_ios
Great podcast, David. You are the epitome of 'If I didn't laugh I would be crying'. Thanks for bringing some levity to this serious subject. Glad you are feeling better!
People in Alberta have been active against sour gas leaks from wells. Is there any regulation of specifically high sulfide contamination in Texas?
Holy crap!! Talk about regulatory capture!! As my Dad's generation would have said: FUBAR
David, do you or Virginia know if the Texas Railroad Commission sends a knowledgeable person out to a site where wildcat drillers have filed a permit to drill? Does the Commission check to see if there are boba Duda seismic studies done on the property before they are granted a permit to drill? I have a feeling that some of the small drills companies are scams. They contact property owner’s with false promises and sell shares to investors for wells that have little or no oil. They might be able to get a little oil out of the well, but then they abandon the well and the property owners and investors
Sorry about the auto fill typing errors. Bona Fida seismic studies and drilling companies.
Left to their own devices, unregulated capitalism is destroying our environment and our health. Here’s an example of the type of blowout that Virginia was talking about:
https://www.desmog.com/2024/10/04/texas-railroad-commission-kinder-morgan-oil-well-blowout-erupts-in-west-texas-permian-basin/
Thank goodness for the Texas Railroad Commission. Can you even imagine how much worse these kinds of blowouts could be without them? Yeah, I was thinking the same thing.
Jim - I am glad you said "unregulated" capitalism. I believe in capitalism, but this kind of corruption is not capitalism - it is corruption. Evidently, state-supported corruption, but corruption nonetheless. In a nutshell, good regulation requires that producers pay for their externalities. Regulated capitalism will work. Someday, we might try it out.