22 May '18, 4pm
Will Gov. Brown Plug the Dangerous Hole in California’s Climate Action? https://t.co/R4OBZDpXkh
All in all, the oil production avoided by halting new well permits combined with phasing out wells within 2,500 feet of sensitive areas could total 660 million barrels from 2019 through 2030. To put this amount in context, meeting Gov. Brown's goal to reduce oil use in cars and trucks by 50 percent by 2030 would save about 430 million barrels of oil over the next 12 years, compared to reference-case projections. If California does not limit production, it could add a greater amount of new oil supply to the market, undermining the effectiveness of demand-side measures. Ultimately, California should "cut with both arms of the scissors "—acting aggressively to reduce oil supply, consumption and related infrastructure like refineries and export terminals together—to maximize the effectiveness of its climate policies.