Business
Xfuels Announces Strategic Move to Capitalize on $1 Trillion Infrastructure Bill Currently Being Negotiated by Congress
Xfuels Announces Strategic Move to Capitalize on $1 Trillion Infrastructure Bill Currently Being Negotiated by Congress.
About this update from Xfuels Inc.
[{"type":"text","content":"\n Calgary, Alberta, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Xfuels, Inc. (OTC Pink: XFLS) has begun to deploy its talent and resources in the state of Texas to assist in plugging and reclaiming hundreds of thousands of abandoned, environmentally hazardous oil wells. Through its recently-formed U.S. subsidiary, Cycle Energy Services, Inc., the company has chosen to bring its expertise in oil well reclamation to the United States at a strategically calculated moment in time, when changing environmental regulations and pending government subsidy programs have the potential to springboard its growth. Xfuels CEO Mike McLaren stated, “President Joe Biden’s new infrastructure bill, if enacted, will represent an extraordinary opportunity for companies such as ours, which have the unique combination of knowledge and skills to properly service abandon wells.” McLaren continued, “We believe that Biden’s [infrastructure] bill may make as much as $15 billion available to subsidize the clean-up of abandoned oil wells and mines in the United States. And, by our calculations, nearly 20% of those mines targeted in Biden’s bill are within the state of Texas.” Per a recent report by Carbon Tracker, a nonprofit think tank that researches climate change, there are approximately 783,000 unplugged oil wells in Texas.  And each one of these wells could cost tens of thousands of dollars to properly retire – making the total market opportunity to service abandon wells in Texas worth more than $15 billion. “By aggressively pursuing oil well reclamation opportunities in Texas, as we continue to follow through on our other acquisition plans, we expect to build a diverse source of revenue streams that will enable us to grow steadily in the years ahead, regardless of fluctuations in the market price of oil and gas,” McLaren stated. Xfuels believes that state-level stimulus programs and changing environmental regulations will only further expand its opportunities in the area of oil well reclamation in the United States.  Abandoned wells have been found to be major contributors of greenhouse gases, and deadly emitters of a multitude of other toxins.  The Environmental Protection Agency estimates that unplugged oil wells in the U.S. release 280,000 metric tons of methane a year, causing relati...