California: Greening: Newsom To End Oil Extraction in California by 2045

Newsom: Phases Out Fracking By 2024, And End Oil Extraction in California by 2045

National Fracking Facts 

  • Fracking has created over 1.7 million wells.
  • The fracking industry supports 5.6% of the total American employment.
  • Fracking estimated to be a $68 billion market by 2024.
  • By 2025, estimated health damages caused by methane leakage during fracking would cost $13-29 billion each year.
  • Frack fluid consists of 99.5% water and sand.
  • 3.7% of methane is leaked into the atmosphere during a fracking process.
  • Fracking produces approximately 3,400 billion L of wastewater each year.
  • One well can be fracked up to 20 times.

Ca. Gov. Gavin Newsom (D) announces he will end new permits for “fracking” in 2024, and  determine how to end the extraction of oil permanently  in the state by 2045.

Press statement from the governor’s office said:

Governor Gavin Newsom today directed the Department of Conservation’s Geologic Energy Management (CalGEM) Division to initiate regulatory action to end the issuance of new permits for hydraulic fracturing (“fracking”) by January 2024. Additionally, Governor Newsom requested that the California Air Resources Board (CARB) analyze pathways to phase out oil extraction across the state by no later than 2045.

“The climate crisis is real, and we continue to see the signs every day,” said Governor Newsom. “As we move to swiftly decarbonize our transportation sector and create a healthier future for our children, I’ve made it clear I don’t see a role for fracking in that future and, similarly, believe that California needs to move beyond oil.”

Under today’s directive, CalGEM will immediately initiate the rulemaking to halt the issuance of new hydraulic fracturing permits by 2024.

A fracking ban can cause the U.S. huge losses in jobs, tax revenue, and GDP by 2025.

(Global Energy Institute) 

The hard facts about fracking reveal that the U.S. could lose 19 million jobs by 2025 if fracking were stopped. Local, state, and federal tax revenues will also decline by nearly $1.9 trillion.
Additionally, significant losses in the gross domestic product are expected as GDP is forecast to decline by $7.1 trillion if a ban on fracking would be implemented. 
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