News Formal

Oil Industry Clashes with California's Regulatory Environment

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 24 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 44%
  • Publisher: 68%

California Nyheter

Energy Sector,Oil Industry,Environmental Regulations

California's stringent environmental regulations are driving major oil companies out of the state, leading to potential fuel shortages and higher prices for consumers.

On October 16, 2024, the refiner Phillips 66 announced that it will cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. This announcement came a few days after California Governor Gavin Newsom signed a new law placing additional regulations on refineries. The closure will affect approximately 600 employees and 300 contractors that currently work at the Los Angeles-area refinery.

These credits increase operational costs for refineries, which in turn raise the price of gasoline. Since this program is unique to California, it adds a cost that refineries in other states don’t have to bear. Unintended Consequences California energy producers must also comply with additional regulations, which are primarily designed to lower pollution. However, there are costs associated with these strict regulations, and there have been unintended consequences.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 34. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Canadian Oil Industry Goes Silent On Emissions Amidst New LegislationFollowing new legislation that could lead to legal action for 'greenwashing', a Canadian oil industry association has removed all information about emission-cutting activities from company websites, prompting concern from climate activists.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »

Canadian Oil Industry Shuts Up About Emissions After New RegulationsFollowing new legislation that could lead to legal action for 'greenwashing', Canadian oil sands producers have stopped publicly discussing their emission-cutting activities. This silence has sparked concern among climate activists who argue for further reductions.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »

Indonesia Looks to Revive Its Oil and Gas IndustryIndonesia plans to streamline its regulatory processes to encourage oil and gas exploration and boost domestic production.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »

Oil and Gas Industry Faces Setback in Flaring Reduction EffortsA new report from Rystad Energy reveals a concerning increase in global flaring emissions, reversing recent progress in reducing the environmental impact of oil and gas production.
Källa: OilandEnergy - 🏆 34. / 68 Läs mer »