California Gov. Newson proposes to ease permits for oil drilling in California ...Middle East

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Governor Gavin Newsom has not supported new drilling, but is also under pressure to stabilize energy supplies, particularly after recent refinery closure announcements. While he remains committed to phasing out oil drilling by 2045, state regulators have recommended limited new well permitting as part of a transition strategy.

The U.S. Bureau of Land Management (BLM) is evaluating more than 684,000 acres of surface land and 959,000 acres of subsurface minerals across 17 counties—including heavily drilled Kern County and parts of the Bay Area—potentially allowing for hundreds of new wells.

Whether it is a conscience agreement given a reevaluation of the risk/reward, or just giving in, I don't know but it seems there would be less regulation and more drilling in California.

This article was written by Greg Michalowski at www.forexlive.com.

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