Latest news with #oilwells
Yahoo
18-07-2025
- Business
- Yahoo
Newsom Proposes to Ease Permits for Oil Drilling in California
(Bloomberg) -- California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The bill would establish 'plug-to-drill' permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met. Shares of in-state drillers climbed on the news, with California Resources Corporation jumping 4.8% and Berry Corp. up 6.9%. The draft bill text — seen by Bloomberg News and portions of which were leaked by environmental groups — is the latest in a series of recent shifts Newsom has made in approaching the oil and gas industry after years of regulatory scrutiny. The governor is softening his stance toward the industry this year after refineries operated by Phillips 66 and Valero Energy Corp. decided to shut operations in the state and California's legislature placed a greater emphasis on reducing costs of living for the state's 40 million residents. A spokesperson for the governor said environmental groups are circulating only partial text from the bill. 'We continue to work with the legislature on policy that will help stabilize California's petroleum market while ensuring a safe, reliable, and affordable supply of transportation fuels,' the governor's office said in a statement. In a statement accompanying their leaked text from the bill, 12 environmental justice groups said the proposal amounts to a blank check for unlimited drilling across the state for the next decade. (Adds share price reaction in the third paragraph.) What the Tough Job Market for New College Grads Says About the Economy A Rebel Army Is Building a Rare-Earth Empire on China's Border Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Yahoo
18-07-2025
- Business
- Yahoo
Newsom Proposes to Ease Permits for Oil Drilling in California
(Bloomberg) -- California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The bill would establish 'plug-to-drill' permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met. Shares of in-state drillers climbed on the news, with California Resources Corporation jumping 4.8% and Berry Corp. up 6.9%. The draft bill text — seen by Bloomberg News and portions of which were leaked by environmental groups — is the latest in a series of recent shifts Newsom has made in approaching the oil and gas industry after years of regulatory scrutiny. The governor is softening his stance toward the industry this year after refineries operated by Phillips 66 and Valero Energy Corp. decided to shut operations in the state and California's legislature placed a greater emphasis on reducing costs of living for the state's 40 million residents. A spokesperson for the governor said environmental groups are circulating only partial text from the bill. 'We continue to work with the legislature on policy that will help stabilize California's petroleum market while ensuring a safe, reliable, and affordable supply of transportation fuels,' the governor's office said in a statement. In a statement accompanying their leaked text from the bill, 12 environmental justice groups said the proposal amounts to a blank check for unlimited drilling across the state for the next decade. (Adds share price reaction in the third paragraph.) What the Tough Job Market for New College Grads Says About the Economy A Rebel Army Is Building a Rare-Earth Empire on China's Border Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Bloomberg
18-07-2025
- Business
- Bloomberg
Newsom Proposes to Ease Permits for Oil Drilling in California
California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry. The bill would establish 'plug-to-drill' permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met.
CBS News
13-06-2025
- Science
- CBS News
2.9 magnitude earthquake recorded in northern part of Denver metro area
An earthquake was recorded by the U.S. Geological Survey early Friday morning in the northern part of the Denver metro area. The 2.9 magnitude quake was recorded in Dacono, about 30 miles north of Denver, around 6 a.m. and was felt by hundreds of people, according to the Geological Survey. Despite being felt, it was considered a relatively weak earthquake. The Richter scale, which is the tool used to measure the strength of earthquakes, goes up to 10 and the U.S. Geological Survey says there are over 1 million earthquakes worldwide under a 3 on the scale each year. A Dec. 22, 2018, Associated Press file photo shows a pump jack over an oil well along Interstate 25 near Dacono, Colorado. David Zalubowski / AP Most quakes under a 3 are hardly felt and property damage doesn't tend to occur under a 5 on the scale. For context, most of the most destructive earthquakes in the last 100 years have been between a 6 and 8 magnitude. The 2004 Indian Ocean earthquake and tsunami that killed over 220,000 people was a 9.0 and the 2010 earthquake in Haiti that killed tens of thousands of people was a 7.0. CBS Colorado First Alert Chief Meteorologist Dave Aguilera says earthquakes are rare in Colorado and those that can be felt are even rarer. Dacono is in the southwestern portion of Weld County and the area is home to a number of oil wells, something nearby residents have voiced opposition to, and which some scientists say is to blame for an increased number and intensity of earthquakes. A 2014 study posted online in "Science" connected thousands of small earthquakes to oil and gas production. A 6.6 magnitude earthquake in 1882 was the strongest recorded in Colorado since they started being recorded and tracked. Since then, at least six quakes of a 5.0 magnitude or higher have been recorded by the Colorado Geological Survey. Scientists have been warning about the possibility of a massive quake in the state.
E&E News
22-05-2025
- General
- E&E News
Oil states mull crackdown on idle wells
Three of the country's largest fossil-fuel-producing states are considering new rules to prevent the abandonment of oil and gas wells. Texas and Oklahoma's legislatures for the first time could create restrictions on how long wells can be inactive or idled before operators must plug them. In New Mexico, the state's oil and gas regulator is proposing new rules that would require operators to pay more in insurance to cover the cost of plugging abandoned wells. The new rules are part of broader efforts to tackle the tens of thousands of old oil and gas wells that are left unplugged and without an owner that can properly seal them shut. Wells left inactive for years can contaminate ground and surface water and spew planet-warming methane out of their wellheads. Advertisement Once an oil and gas well is orphaned, any contamination and leftover equipment becomes a government — and taxpayer — liability.
