California wants independent reviews of all pending fracking permits

Houston — California intensified its battle against fossil fuels by seeking independent reviews of all pending hydraulic fracturing permits and halting approvals of a key production technique in an area that has pumped crude for more than a century.

It’s the latest in a series of actions or threats against unconventional oil and gas production. Democratic presidential contenders Elizabeth Warren and Bernie Sanders have promised to ban fracking if elected. The UK government halted new fracking wells in England earlier this month on concerns about earthquakes.

Berry Petroleum, a driller based in California’s de facto oil capital, Bakersfield, slumped as much as 25%. The new rules won’t affect Berry’s 2019 financial performance but “potentially impacts” certain wells that will be drilled in the future, the company said in a statement. KeyBanc Capital Markets analysts Leo Mariani and Steven Dechert downgraded their recommendation for the stock to the equivalent of sell, from the equivalent of hold.

The state fined Chevron $2.7m in October after several “surface expressions” of water and oil were found at the Cymric field near Bakersfield. The department of conservation attributed the leaks to steamflooding and said they created a “significant threat of harm to human health and the environment”.Chevron said it will comply with the new regulations while protecting people and the environment.

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