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Oil depletion is the decline in oil production of a well, oil field, or geographic area. [1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve.
Gregg Hart, D-Santa Barbara, would force oil companies to plug up idle oil or gas wells to the tune of an average of $68,000 per well. Over 40,000 wells in California are classified as either idle ...
The California Department of Conservation is facing heavy criticism after it determined a colossal merger of two oil and gas companies is exempt from a state law designed to ensure depleted wells ...
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. California's oil output a century ago ...
The California oil and gas industry has been a major economic and cultural component of the US state of California for over a century. Oil production was a minor factor in the 19th century, with kerosene replacing whale oil and lubricants becoming essential to the machine age.
Within a long period of groundwater depletion in California's Central Valley, short periods of recovery were mostly driven by extreme weather events that typically caused flooding and had negative social, environmental and economic consequences. [1] Overdrafting is the process of extracting groundwater beyond the equilibrium yield of an aquifer.
Legislators and Gov. Newsom did not heed warnings that adding new mandates on oil companies would drive them out of the state. One already has. The California Democrats’ oil strategy is a big bust.
In the 2000s, this new demand – together with Middle East tension, the falling value of the US dollar, dwindling oil reserves, concerns over peak oil, and oil price speculation – triggered the 2000s energy crisis, which saw the price of oil reach an all-time high of $147.30 per barrel ($926/m 3) in 2008.