New bill increases funding for removal of abandoned oil and gas facilities in Long Beach tidelands.
(SACRAMENTO) – Assemblymember Patrick O’Donnell (D – Long Beach) introduced AB 926 Wednesday to dedicate more state revenue to clean up abandoned oil wells within the Long Beach tidelands. The bill eliminates a $300 million limit on the Oil Trust Fund, a fund that saves revenue for cleaning-up oil wells on the tidelands when they cease operation.
“If we fail to prepare now, we will be on the hook for millions of dollars in oil abandonment costs,” Assemblymember O’Donnell said. “This bill ensures funding needed to protect our Long Beach coastline.”
The Oil Trust Fund reached its $300 million cap in June 2014 and has not grown since. The state’s share of abandonment liability is estimated at approximately $836 million, leaving a short fall of $536 million.
The bill awaits referral to its first policy committee.
Assemblymember Patrick O’Donnell represents the 70th Assembly District, which includes Long Beach, Signal Hill, San Pedro and Catalina Island.
CONTACT: Sophia Kwong Kim, (916) 319-2070