On July 18, 2025, California Governor Gavin Newsom proposed a bill aimed at streamlining the permitting process for new oil wells in the state. This legislative initiative seeks to ease the regulatory burden on oil producers.
The proposal is intended to reverse the state's decline in fuel production and mitigate refinery closures, which could also help reduce high gasoline prices. Environmental groups have expressed concerns that the bill would reduce scrutiny of the industry.
For Berry Corporation, a significant operator in California's San Joaquin Basin, this development could lead to a more favorable operating environment. Streamlined permitting could facilitate future drilling and development activities, enhancing the value of its in-state assets.
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