California breaks century-old ties with Big Oil
California, a big player in producing oil, is now breaking ties with the oil industry, a significant move to shift away from fossil fuels as California focuses more on fighting climate change.
A century ago, California was the fourth-largest producer of crude oil in the US, and this led to the development of things like highways, drive-in theaters, banks, and restaurants that are still around today.
However, on Friday, the two biggest oil companies in the US, Exxon Mobil, and Chevron, will officially announce that they are reducing the value of their oil-related assets in California by a total of $5 billion.
“They are definitely getting a divorce,” said Jamie Court, president of the advocacy group Consumer Watchdog, referring to California’s long ties with Big Oil.
The companies mentioned that they stopped investing in oil production in California a while ago and now plan to separate from their old wells in the region.
“They’ve been separated for more than a decade, now they are just signing the papers,” he said.
Exxon stated this month that California’s regulatory rules have made it difficult to resume offshore oil production. As a result, they are leaving the state and supporting a Texas company in buying their offshore properties.
The largest US oil producer will take a financial hit of around $2.5 billion, marking the official end of five decades of oil production off the Southern California coast.
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