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.

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Sep 10, 2020 - Economy & Business

Mall owners Simon and Brookfield to acquire JCPenney out of bankruptcy

Illustration: Aïda Amer/Axios

Simon Property Group (NYSE: SPG) and Brookfield Property Partners (Nasdaq: BPY) have tentatively agreed to acquire most of the retail operations of JCPenney, as part of a deal that will help the bankrupt retailer avoid liquidation.

Why it matters: The deal could save upwards of 70,000 jobs.

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Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 31,346,086 — Total deaths: 965,294— Total recoveries: 21,518,790Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,130 — Total deaths: 199,890 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

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