alt Hacker NewsThis is a feature of all resource extraction industry. I live in New York - we have 100+ year old oil related hazards in western NY to this day. My folks had a gravel mine near their home that would occasionally cause issues relating to flooding and some sort of contamination that was there.
IMO, these industries need to be heavily taxed if not owned by the government.
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What stops the government from doing the same thing as private industry?
My (insane) personal opinion is that resource extraction is inherently politically corrosive and we should start seriously thinking of a plan to sunset it. Resource wealth is inherently feudalist, the incentives it offers run contrary to any sane economic system, and any resource wealth that is extracted distorts the market.
> IMO, these industries need to be heavily taxed if not owned by the government.
... or for every building and infrastructure, a bond needs to be placed with the government to be a safeguard for its demolition cost, and for projects that risk environmental damage (mining, oil drills), proof of insurance needs to be provided before the construction begins, and should that insurance ever lapse, the entire property gets seized by the government.
Western Australian here confirming all resource extraction does this. Woodside and Adani are the most egregious that come to mind but they all do it.