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Oil & Gas

California Proposes Oil and Gas Drilling Buffer Zone Around Communities

Kimberly Redmond | Equities.com |

California Gov. Gavin Newsom has proposed a statewide ban on oil and gas drilling within 3,200 feet of homes, schools and hospitals in order to protect public health and further its goal to combat climate change.

The draft rules, released last week by the state’s oil regulator California Geologic Energy Management Division (CalGEM), aim to create what would be the largest buffer zone in the country. Existing wells in those setback areas would not be banned, but subject to stricter regulation.


Hurricane Ida Expected To Inflict Much Smaller Economic Toll Than Katrina

AP News | Equities.com |

With more than 1 million customers in Louisiana and Mississippi having lost power, Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast. But the impact on the overall U.S. economy will likely be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged, economists say.

The hurricane is expected to inflict a less severe financial impact than Hurricane Katrina did 16 years ago, thanks in part to a lower storm surge and the improved levee system in New Orleans. Analysts at Boenning & Scattergood, a financial consultancy, noted that Ida’s wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage. The analysts estimated that losses for the insurance industry will hit around $10 billion, far less than the $90 billion-plus from Katrina.


$268 Billion New York State Pension Fund To Review All Oil Holdings

Reuters | Equities.com |

The third-largest U.S. public pension fund on Thursday said it is launching reviews over climate concerns on $640 million invested in 42 shale oil and gas firms, including ConocoPhillips, Hess and Pioneer Natural Resources.

The move by the New York state pension fund comes days after the United Nation's Intergovernmental Panel on Climate Change reported global warming was nearly out of control, and calling its findings "a death knell for coal and fossil fuels."


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