California Bans High-Pressure Steam Oil Wells, Reviews Fracking

(Bloomberg) — California halted approvals of new oil wells that use high-pressure steam extraction techniques following recent leaks at a Chevron Corp. facility in Kern County.Regulators will consult with experts to determine whether the process can be done safely during the moratorium, the state’s Department of Conservation said in a statement Tuesday. California also said it will have an independent audit of its permitting process for hydraulic fracturing and other methods of stimulating crude flows.Shares of California Resources Corp. tumbled as much as 32% on the news while Berry Petroleum Corp., which operates in the state as well, slumped 18%.“These …read more

Source:: Yahoo Finance