Is California’s Fracking Ban A Big Deal For The Oil Industry?

“California needs to move beyond oil,” Governor Gavin Newsom said on Friday when he directed the Department of Conservation’s Geologic Energy Management (CalGEM) Division to initiate regulatory action to end the issuance of new fracking permits by January 2024. That’s headline-catching news, but is it really a big deal for California’s oil industry? The bigger news is that Governor Newsom has also asked the California Air Resources Board (CARB) to evaluate pathways to phase out all oil extraction across the state by…