In this regard, a recent EPA surprise inspection has yielded some alarming news. Nationwide, over a third of the existing underground tanks are not in compliance with federal law. While many of the inspected facilities were privately owned, some were owned by federal, state or local government agencies. EPA took enforcement actions against the noncompliant property owners, who are expected to install release detection monitoring systems and maintain records in accordance with state and federal requirements. In 1988, all regulated underground tanks will have to meet even more stringent regulatory standards or be properly closed.
Proper closure is viewed by many as soundest option.
Closure eliminates the risk of future, potentially costly releases. Depending on tank size, closure often requires submission of a closure plan to the local regulatory agency and implementation of that plan following approval. Any contamination encountered during the tank removal must be addressed in a manner consistent with the approved plan and applicable law. Certainly, not all underground storage tanks leak and the mere existence of one should not kill a real estate transaction. But knowledge that a tank either now exists, or once existed, must be viewed as a red flag.