Last year, Governor Newsom signed a law requiring oil companies to disclose costs and profit margins to the California Energy Commission. Here’s what it shows.
Failing policies have led to a 43% decline in local oil production under Governor Newsom, forcing the state to rely on an expensive foreign oil supply chain for basic energy needs.
Analysts say the continued unrest could upend international commerce at a time when the Golden State is becoming more dependent on foreign oil imports for basic energy needs.
The report’s faulty claims ignore key facts about California’s idle well management programs, making it an unreliable source that policymakers should reject.
Experts agree the governor’s reckless shutdown agenda will extend the state’s reliance on volatile foreign energy markets and harm low-income Californians the most.
Foreign oil imports are up, and in-state production is down: Newsom’s policies force California to increasingly rely on overseas regimes to meet basic energy needs.
The governor has moved aggressively to shut down oil production, but government forecasts show the state will still need 11.5 billion gallons of gas and diesel in 2035.
State data confirms demand for oil and gas is increasing in the Golden State, dealing a harsh dose of reality to Governor Newsom’s energy transition narrative.