California governor Gavin Newsom is proposing litigation that would streamline the permit process for new oil wells that environmental advocates say would erase scrutiny of the industry, Bloomberg’s Nathan Risser reports. The measure would establish “plug-to-drill” permitting until 2036, where two wells would need to be plugged and abandoned before anyone is allowed to drill a new one, the author notes. Shares of California Resources (CRC) jumped nearly 7% after the news.
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