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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Reproduced from Resources for the Future via IOGCC; Note: For estimated undocumented wells, average of low and high estimate was used for states that report a range; Chart: Axios Visuals

There's a lot of jobs potential if the federal government gets serious about plugging what could be as many as 3 million abandoned oil-and-gas wells nationwide, a new report from Resources for the Future and a Columbia University energy think tank concludes.

Why it matters: Abandoned wells can leak methane — a very potent planet-warming gas — and other pollutants. If it tackles 500,000 of those, this could mean up to 120,000 more jobs.

  • The idea comes as oil-and-gas industry workers are reeling from layoffs due to the price and demand collapse.

The big picture: Estimates for the number of abandoned wells nationwide range from hundreds of thousands to 3 million, "depending on the definition of such wells needing attention," the report notes.

  • "A significant federal program to plug orphan wells could create tens of thousands of jobs, potentially as many as 120,000 if 500,000 wells were plugged," it finds.
  • It points out that the oil industry has equipment and labor available for the job, given that the sector shed more than 76,000 jobs (and counting) this year.

By the numbers: They estimate that the costs of plugging the "known inventory" of roughly 57,000 wells could range from $1.4 billion to $2.7 billion, while identifying and plugging 500,000 wells could plausibly cost $12 billion to $24 billion.

What we're watching: Joe Biden's climate and energy plan calls for new investments in cleaning up old wells as well as mining sites.

Go deeper

Dan Primack, author of Pro Rata
Oct 26, 2020 - Economy & Business

Private equity shifts its attention to renewable energy

Illustration: Sarah Grillo/Axios

Private equity is watching the consolidation of the North American oil and gas sector from the sidelines, instead focusing its energy efforts on renewables.

Driving the news: Cenovus Energy on Sunday agreed to buy Husky Energy for $2.9 billion in stock, in a deal that would create Canada’s third-largest oil and gas producer.

4 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

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