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It has been recently estimated that gasoline storage tanks that have been leaking underground will cost at least $12 billion to cleanup. This is a lot more than the $72 million per year that Congress and the Bush Administration have alloted for the clean up projects. In a report in September of 2005, it was estimated that there were 117,000 tanks that still needed cleanups because they were “faulty.”
The General Accountability Office, estimated that it would cost $12 billion to remove 54,000 tanks that have been leaking. Why does the government have to pay for these tanks? Well they are either abandoned or no one can be held accountable for the cleanup. 63,000 tanks removals are going to be paid for by pump stations, storeowners, other operators, insurers, and state funds.
It is important to be noted that this lag in cleanups or removals of these leaking tanks is not due to lack of money.
For every gallon of gas 1/10 of a penny goes to trustfund to remove contamination caused by the leaking tanks. Lets take a closer look into what this means.
I know that when I fill up my car, a Honda Element, with gas it takes up about 15 gallons of gas. I usually fill up my tank of gas completely about one a week.
1/10 of a penny/gallon * 15 gallons = $.015.
$.015 * 52 weeks/year = $0.78/ year/car.
It seems like a really small amount of money, but it could potentially be a lot of money if you multiple how many cars are on the road in a given year. This trust fund has now reached $2.6 billion since it was started in 1986 and is expected to reach $3 billion by the end of 2008.
Why are the leaking tanks such a big issue? Well, methyl tertiary-butyl ether (MTBE) and carcinogens have contaminated water supplies causing 150+ lawsuits.
I think that it is a good idea to clean up these underground leaks. I am interested in seeing the outcome of the lawsuits and the evidence presented that the contaminated water supplies were contaminated by the leakages. I really like the trustfund, but I also think that something needs to be done to ensure that the government does not get stuck with the bill again for abandoned gas leakages.
Information from: www.enn.com/today.html?id=12281. Assocaited Press. Cleanups of Leaking Fuel Tanks Lag; Job Could Cost $12 Billion.
