Sep. 8 at 11:21 PM
$SOC I'm holding steady on principle alone. Has someone got eyes and ears in the legislative hall? It's well known the California Energy Commission has recommended increasing in-state production to avoid the worst outcome in a looming gas price crisis (we are already losing two major refineries sooner than expected) . To block out an EXISTING ready-to-go resource in the Santa Ynez Unit (SYU) would be wildly inconsistent with this. Based on very rough math, Sable was looking to get up to maybe 8-10% (talking like 25,000 barrels per day from the SYU) of what all of the big boys in Kern County produce. My understanding is new drilling up there has been stalled for years and years by environmental review. Obviously a very dynamic situation, will just have to wait and see how it plays out. One could reasonably expect some measure of concessions would be given to environmental groups, the exact nature of that, remains to be seen.
