Posted 1/2/2024, 11:21:00 PM
Chevron Takes $4 Billion Hit Amid California Energy Industry Woes
- Chevron announced $4 billion in asset impairment charges, partially due to California's strict regulations on oil and gas operations
- Experts say this signals trouble for California's energy industry as more companies may follow suit
- California oil production dropped 30% in last 4 years due to state policies limiting production
- Chevron previously said California policies have made investments riskier and forced project cancellations
- Advocacy groups warn small energy businesses and tens of thousands of jobs are at risk from excessive regulations