The Colorado Petroleum Storage Tank Fund (the Fund) provides financial assistance to petroleum UST (underground storage tank) owners and operators in Colorado who must comply with EPA (Environmental Protection Agency) financial requirements for UST operation. The Fund‚Äôs purpose is to provide reimbursement for the assessment and cleanup of accidental releases of petroleum fuels from regulated fuel-storage tank systems.
Reimbursed costs may include:
- Emergency response activities
- Assessment activities to determine the extent of petroleum contamination
- Cleanup activities to remove petroleum contamination from the environment
- Impacts to third parties (with limitations)
The Fund is managed by the OPS (Division of Oil and Public Safety) Fund Section.
- The Colorado State Legislature created the Fund in 1989. It gained interim approval from the EPA as a Financial Responsibility mechanism in 1997 and formal approval in 2006. The Fund provides direct reimbursement to eligible Fund applicants and to State-Lead contractors.
- Monies in the Fund come primarily from the ERS (Environmental Response Surcharge). The amount of the ERS varies depending on the Fund balance - the ERS is lower when the Fund balance is higher.