FISCAL NOTE
Date Requested: January 12, 2022 Time Requested: 03:38 PM |
Agency: |
Environmental Protection, Department of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1414 |
Introduced |
HB4054 |
|
CBD Subject: |
Actions, Suits and Liens |
---|
|
FUND(S):
escrow account
Sources of Revenue:
Other Fund creates an escrow account
Legislation creates:
Creates New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
HB4054 will require oil and gas well operators to deposit money in a "plugging money set aside escrow account", to be established by the State Treasurer, for each new well, prior to being issued a permit to operate those wells. These funds are to be used to plug the wells once they are no longer viable. Currently, WV DEP is unable to determine the number of potential new wells that will be applying for permits in the future and therefore cannot provide a reasonable analysis of the expected revenues and expenditures.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2022 Increase/Decrease (use"-") |
2023 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
HB4054 will require oil and gas well operators to deposit money in a "plugging money set aside escrow account", to be established by the State Treasurer, for each new well, prior to being issued a permit to operate those wells. These funds are to be used to plug the wells once they are no longer viable. Currently, WV DEP is unable to determine the number of potential new wells that will be applying for permits in the future and therefore cannot provide a reasonable analysis of the expected revenues and expenditures.
Memorandum
None
Person submitting Fiscal Note: Gary Rogers
Email Address: Gary.W.Rogers@wv.gov