California Clears Way for More Oil Drilling, Big Producers to Merge

California lawmakers approved a measure to boost oil drilling in an effort to reverse the state's long decline in fuel production, stave off refinery closures and reduce some of the highest gasoline prices in the country. The law codifies the ability of Kern County, which includes Bakersfield and some of the state's most prolific oilfields, to issue 2,000 new drilling permits a year without further environmental review. The law was cheered by Wall Street, and two of the region's top producers—California Resources and Berry—promptly announced a merger as soon as it passed.

Continue Reading

View Comments