Seventieth District Assemblymember Patrick O’Donnell (D – Long Beach) introduced Assembly Bill 926 (AB 926) Wednesday, Feb. 20, to dedicate more state revenue to clean up abandoned oil wells within the Long Beach tidelands, his office announced this week.
The bill 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, O’Donnell’s office stated.
“If we fail to prepare now, we will be on the hook for millions of dollars in oil-abandonment costs,” O’Donnell said. “This bill ensures funding needed to protect our Long Beach coastline.”
The Oil Trust Fund reached its $300-million cap in June 2014 and has not grown since. The state’s share of abandonment liability is estimated at approximately $836 million, leaving a short fall of $536 million, the assemblymember’s office stated.
The bill awaits referral to its first policy committee.
