The two largest U.S. oil producers, Exxon Mobil and Chevron, will formally disclose a combined $5 billion writedown of California assets when they report fourth-quarter results. Costly writedownThe No.1 U.S. oil producer’s asset writedown will cost about $2.5 billion and officially end five decades of oil production off the coast of Southern California. Green awarenessIf oil companies fed California’s car culture, their oil spills spurred the U.S. environmental movement. His administration last September filed a lawsuit targeting the oil industry for “lying to consumers for more than 50 years” about climate change. As of September, more than 50% of oil drilling permits issued to companies have gone unused, according to the California Department of Conservation.

Source: The Hindu January 31, 2024 06:36 UTC