Carlsbad Residents Battle Permian Resources' Expansion Amidst Unreported Methane Leak
Carlsbad residents and officials face a dilemma, balancing economic gains with environmental and public health concerns. Permian Resources, a corporation with a controversial expansion plan, has come under scrutiny after a significant methane release went unreported.
In February, a satellite spotted a substantial methane leak from Permian Resources' gas storage tanks near Carlsbad. The release, over 1,400 kg/hr, included hazardous chemicals like benzene and toluene, affecting nearly 30,000 residents across 80 square miles.
Permian Resources failed to report the incident as required by law, leaving regulators and the public in the dark. The company's shares were trading at $13.67 on September 24th, despite a bearish thesis published on Hunterbrook's Substack highlighting environmental and regulatory risks in the Permian Basin.
Carlsbad officials and residents grapple with these issues, as Permian Resources plans to expand within city limits with ten new oil wells and a central tank battery. This could potentially impact groundwater and air quality, exacerbating existing concerns.
Regulators admit they are under-resourced and lack the means to track unreported emissions effectively. Historically, enforcement has been insufficient, further complicating the situation.
Permian Resources' expansion plans and the unreported methane release have sparked debate in Carlsbad. The company's shares, trading at $13.67, reflect market concerns about environmental and regulatory risks. Residents and officials must navigate the tension between economic incentives and environmental and public health risks, while regulators strive to improve their oversight capabilities.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Thessaly's Climate Plan Stalls Two Years After Storm Daniel Devastation
- Republicans advocate Trump's domestic policy plans in Iowa, though some business owners remain skeptic
- Typhoon Matmo Batters Vietnam, PM Urges Vigilance as Heavy Rain Continues
