This article did not even make the chronicle, but this is a perfect example of why we import so much of our oil.
Plains Exploration & Production Co. has signed an agreement with three California environmental groups to eventually halt oil production in a California field.
The Environmental Defense Center, Get Oil Out! and Citizens Planning Association of Santa Barbara groups initially opposed Plains’ proposal to expand into the Tranquillon Ridge Oil and Gas Field off Lompoc, Calif., saying it would result in oil spills, air and water pollution and hazardous gas releases.
“The cornerstone of this agreement is the requirement that oil and gas development in both the Tranquillon Ridge and Pt. Pedernales Fields will cease on Dec. 31, 2022,” said Linda Krop, chief counsel of the EDC, who represented GOO! and CPA in the negotiations. “Never before has an oil company agreed to a date certain end of production, making this a one-of-a-kind agreement.”
Plains Exploration (NYSE: PXP) has also agreed to pay $1.5 million to a local fund to be used to reduce greenhouse gas emissions, and to give about 3,900 acres to The Trust for Public Land for public protection.
Granted it is a 14 year window for the company to continue to produce on existing wells but this sets a very dangerous standard. These liberal enviro-nuts now have won a fight with an oil company, and have proven that they can shut down oil production in California, but also can get the company to turn over lands to be “protected”. And people wonder why we have 100+ dollar oil and import over 50% of our oil. It is because of the NIMBY mind set of the people on both coasts.
I say let them produce their own fuel, and see how they like moving around in horse and buggys.
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