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Petroleum tank board reports fund shortfall risk, maintains fees pending rising claims costs
Summary
The Petroleum Underground Storage Tank Release Compensation Board reported an unobligated balance of about $20.5 million, an estimated liability of $39 million, and that the board voted in November 2024 to keep per-tank fees unchanged for FY2026; the board warned inflation-driven claim costs could require higher fees in 2027.
Jonathan Manival, assistant director of the Petroleum Underground Storage Tank Release Compensation Board, told the House Natural Resources Committee about the board’s financial assurance fund, current balances, and a recent board decision to hold fees steady.
Manival said the Petroleum Board and its financial assurance fund were created by legislation enacted in 1989 to respond to federal requirements for underground storage tank (UST) owners. "All petroleum underground storage tank owners and operators are required to demonstrate $1,000,000 of financial responsibility to pay for potential damages caused by releases from their tanks," he said, and noted…
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