Newsom Proposes to Ease Oil Drilling Permits in California (1)

California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry.

The bill would establish “plug-to-drill” permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met.

Shares of in-state drillers climbed on the news, with California Resources Corporation jumping 4.8% and Berry Corp. up 6.9%.

The draft bill text — seen ...