Assembly Bill 2687 Will Ensure Funds Are Available to Clean-Up Abandoned Oil Wells
(SACRAMENTO) – Today, Assemblymember Patrick O’Donnell (D – Long Beach) introduced Assembly Bill 2687 to dedicate more state revenue to clean up abandoned oil wells within the Long Beach tidelands.
“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 a permanent funding source to keep our coastline pristine for future generations.”
AB 2687 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. In 2014, the state reached its saving limit, leaving a projected short fall of more than $500 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.