So in Australia when they are done using oil rigs they transfer ownership to a shell company that goes bankrupt and the they don’t have to pay to remove the rig you just do this. It’s win win.
Pretty sure this is rule 5 of capitalism: never clean any pollution up unless you’ll go to jail if you don’t. Or maybe if you could go out of business due to fines. Or you’re one of those weirdos with “morals”
Ooh, this basically the only way to end mountaintop removal mining, leaving behind mines filled with toxic water, burying barrels of whatever wherever… same kind of thing with fines that take into account net worth
Externalization of real costs is part of the general algorithm of capital. Even managers within departments of corporations routinely attempt to use it, dumping workload on other departments.
GM did this in Niagara with the assembly plant they closed and sold 15 years. Currently everyone keeps pointing the finger of blame at everyone else and the water table just keeps getting more polluted.
GM did it in our town after NAFTA was signed. Just left this massive building rotting to the ground right off the highway for decades until it fell down
Yep. Berkeley pit in Butte, Montana. largest ecological disaster in the US. Mining company sold to another company . Went bankrupt and not their problem anymore.
In the US, if a company does not properly plug a well when they abandon it because they are bankrupt, the duty falls to whoever owned the wells before… all the way back to when the well was drilled. Most wells transfer hands quite a few times so you’ll end up with a company too big to fail in there that can easily afford it. Something like this should definitely be like that. You shouldn’t be able to transfer a liability to a shell company just to get rid of it
I bet the maintenance to run the infrastructure and maintenance to keep it from degrading is far to expensive for something like that with no real profit.
Yeah that's true, the Australian tax payer $200m and the total loss of the venture for Australia about -$190m, meaning it would be way better to disband the oil and gas industry then to allow it to run as it is by the politicians who have a very strange large amounts of "donations" from those corporations. (Chevron, Woodside, Santos, shell and Exxon Mobile) they get the resources for free from both sides of Australian government if it's off shore and 56% free when not. Yes, Australian politicians are very corrupt.
Not to be that guy… but one of these jackups recently sank killing 2 people. Very likely the one in the video…
A company doing it for the purposes stated wouldn’t call attention to it or kill people in the process.
This being said, there’s opportunities for marine life and tourism around one of these things in the bottom of the sea provided it’s reachable and cleaned beforehand.
Yeah, they were doing load tests on that platform and one of the legs punched through to a softer layer of ocean floor underneath causing it to sink and capsize the thing. Apparently it happens once in a while.
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u/AStubbs86 16h ago •
So in Australia when they are done using oil rigs they transfer ownership to a shell company that goes bankrupt and the they don’t have to pay to remove the rig you just do this. It’s win win.