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News Link • Oil

Newsom Folds, Greenlights Domestic Oil Production In California

• Zero Hedge

Authored by Beige Luciano-Adams via The Epoch Times,

Amid California's worsening affordability crisis and warnings of a 75-percent price increase at the gas pump, state legislators over the weekend sent a package of bills aimed at tackling energy costs, fuel supply, and pollution to Gov. Gavin Newsom's desk.

Newsom announced the deal with state lawmakers last week, and the two chambers extended their session through Saturday to finalize last-minute negotiations before the Legislature adjourns until January.

"After months of hard work with the Legislature, we have agreed to historic reforms that will save money on your electric bills, stabilize gas supply, and slash toxic air pollution—all while fast-tracking California's transition to a clean, green job-creating economy," Newsom said in a statement.

Among them is SB 237, which will clear the way for drilling in the state's Central Valley, home to the state's largest oil reserves and by far its greatest producer, after legal battles and regulatory restrictions brought production to a grinding halt and sent refineries packing.

By certifying a Kern County Environmental Impact Report (EIR) that has been tied up in litigation for at least a decade, thus temporarily exempting drilling from environmental review, the bill paves the way for approval of up to 2,000 new well drilling permits annually.


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