fromLos Angeles Times
14 hours agoOffshore oil plan was 'primed for cash flow,' but then it hit California regulators
When a Texas oil company first announced controversial plans to reactivate three drilling rigs off the coast of Santa Barbara County, investor presentations boasted that the venture had "massive resource potential" and was "primed for cash flow generation." But now, less than two years later, mounting legal setbacks and regulatory issues are casting increasing doubt on the project's future. Most recently, the California attorney general filed suit against Houston-based Sable Offshore Corp., accusing it of repeatedly putting "profits over environmental protections."
Environment