With Bankruptcies Mounting, Faltering Oil and Gas Firms Are Leaving a Multi-billion Dollar Cleanup Bill to the Public

Amid a record wave of bankruptcies, the U.S. oil and gas industry is on the verge of defaulting on billions of dollars in environmental cleanup obligations.

Shell Game

Alberta’s oil patch regulator made history of a sort last week by saying the word no. The reasons it did pitted a crusty cowboy against a wealthy ballet aficionado, and exposed a gambit by one of the world’s oil giants to offload its responsibilities in a way, the ruling said, that would have defied provincial law.