Chesapeake Energy bankruptcy raises questions about oil, gas failures -

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This failure will not be the last in the oil and gas sector during this recession, energy analysts predict, driving fears that bankrupt drilling companies could abandon their wells and leave taxpayers holding the bag.

Sealing every abandoned well in the country could cost up to $435 billion, according to a federal Government Accountability Office estimate.

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It’s shocking that state and federal regulators do not require oil companies to post an adequate bond to properly close in abandoned wells in the event of bankruptcy. Who are these regulators, protectors of the public interest working for? Never mind…

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