When it comes to successful home renovation projects, choosing the right contractor for the job is an important first step. Whether you're remodeling a bathroom, building a deck or removing an underground storage tank, slow down and do some research. If you don't choose the right contractor, you could end up disappointed in the work, feeling swindled and needing someone else to finish the job.
Oil Tank Leak Rates Reported in Real Estate Publications Real Estate Publications, while reluctant to scare home owners and buyers by aggressive reporting on leaky oil tanks (which can involve a very large cleanup expense), also cite the concern for leaking oil tanks.
THE RISK - A Home Buyer's Guide to Buried Oil Tanks - The Risk of Oil Leaks Means Risk of Major Cleanup Costs
When we observe evidence that a buried fuel storage tank is located at a property and when no other information is known about the type, condition, or even exact location of the tank, underground tank leaks, environmental damage, local water or well contamination, and a costly cleanup are potential risks to the property owner.
Underground fuel storage tanks usually fail from rust perforation from the inside of the tank, due to several effects of water inside the tank including, in the case of heating oil, combination of water with sulphur in the fuel.
So if a test shows that there is a lot of water in a buried oil tank one would be more pessimistic about its remaining life.
Billy Willard, Author
I have been involved in the environmental consulting field since 1995. I have been involved in removing and the remediation of hundreds of oil tanks.