In the field of petroleum storage, the Arkansas Petroleum Storage Tank Trust Fund (“Trust Fund”) is an essential name for legal and industrial professionals. Established over 30 years ago, this state statutory mechanism serves both aboveground and underground storage tank owners and operators. Primarily designed to manage and address petroleum leaks and spills, often referred to as ‘releases’, the Trust Fund facilitates an economic solution to the environmental hazard issues related to petroleum storage.
Recent legal commentary suggests Arkansas is unique in its approach. The Trust Fund is applied not just for underground storage tanks (USTs), as is the case in most states, but also for the relatively less popular – aboveground storage tanks (ASTs). This inclusive approach to both USTs and ASTs has solidified Arkansas’ position at the forefront of petroleum storage legislation.
This choice has had legal ramifications. The broadness of this policy has resulted in a stabilizing forward-thinking action plan for petroleum leaks and spills. Subsequently, this leads to mitigating potential litigation stakes surrounding environmental damages.
As more industries and jurisdictions note the effectiveness of Arkansas’ solution, similar statutory mechanisms may very well become the new norm. However, this prediction will remain speculative until we see other states capitalizing on Arkansas’ approach and adopting or even advancing this precedent.