oil money

By Bill Walker

As California advances toward its goal of virtually eliminating the use of fossil fuels in 20 years, the state has dealt the oil and gas industry a barrage of body blows.

Four years ago, Gov. Gavin Newsom ordered a ban on the sale of new gasoline-powered cars and trucks starting in 2036, while diesel-powered freight trucks will be outlawed by 2042. A 2022 law banned new oil and gas drilling near homes, schools and hospitals, and Newsom has directed regulators to end to all drilling in the state by 2045.

Last year, California also established a watchdog agency to monitor the state’s petroleum industry for alleged price-gouging at the pump, among other consumer protection provisions. And State Attorney General Rob Bonta filed a sweeping lawsuit against five of the world’s biggest oil companies for their decades-long coverup of the climate impact of burning fossil fuels.

The industry whines that the Newsom administration wants to put it out of business, and headlines declare that it faces the “end of the road” in California.

But Big Oil is not dead yet.