Federal land managers are postponing all oil and gas lease auctions in California until October, citing budget problems and low staffing, and the toll of environmental litigation.
Critics of hydraulic fracturing urged lawmakers Monday to impose a moratorium on the controversial drilling technique, saying there is too much uncertainty about its health and environmental effects.
Chevron said its net income fell 5 percent in the first quarter as oil prices slipped.
Environmental and education advocates have proposed a new measure that would tax oil and gas extracted in California to fund education programs in the state.
Two environmental groups filed a new lawsuit against the U.S. Bureau of Land Management in federal court in San Jose Thursday, accusing it of failing to study the risks of fracking on 17,833 acres of public land in Monterey County and the Central Valley that it leased to 15 oil development companies.
Activists fighting climate change and the oil companies persuaded a San Francisco Board of Supervisors committee to move forward with a resolution Wednesday for the city’s retirement fund to divest from fossil fuel investments.
State lawmakers have introduced at least eight bills that would regulate the practice of hydraulic fracturing or “fracking.”
San Francisco Supervisor John Avalos introduced resolutions earlier this week urging the retirement board of the San Francisco Employees’ Retirement System to divest more than $1.9 billion away from firearm and fossil fuels companies over the next five years.
Chevron says net income rose 41 percent in the fourth quarter as the company produced more oil and gas, improved performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.
The Bureau of Land Management is auctioning off nearly 18,000 acres of oil leases on prime public lands in Central California, home to one of the largest deposits of shale oil in the country.