Buried Oil Tanks

Underground heating oil tanks.

Buried oil tanks.

The risks of an underground oil tank range from environmental and legal to financial and health related. This is not always true with ust s. Ast s are visible and when a leak or spill occurs it is apparent. A home buyer s guide to buried oil tanks the risk of oil leaks means risk of major cleanup costs.

The only way to eliminate the hazards that come with an underground oil tank is to remove the tank from your property. Insurance may only cover a portion of these costs further increasing your risk. The buried oil tank risk. Risks of buried oil tanks.

If you are purchasing a property where there is or was an oil storage tank that has been abandoned or removed you should be sure to read home buyers guide to oil tanks. First if your oil tank sprouts a leak the cost of cleaning the contaminated soil and water can stretch into thousands of dollars. Most home heating oil tanks are not regulated by new york state s petroleum bulk storage pbs regulations because they have a capacity of less than 1 100 gallons see the pbs registration fee worksheet pdf 11 65 kb for more information. If you discover you have an abandoned tank on your property it s best to get rid of it.

Many homebuyers refuse to purchase homes with buried oil tanks until those tanks are removed. There are two basic types of home heating oil tanks above ground storage tanks ast and underground storage tanks ust. In some cases a residential mortgage lender may make a residential buried oil tank s removal a. Remove the underground oil tank.