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California county votes to ban fracking; Washington state nixes carbon tax

Published 11/09/2016, 06:15 PM
California county votes to ban fracking; Washington state nixes carbon tax
CVX
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SHEL
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XOM
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  • Voters in California’s Monterey County yesterday passed a fracking ban that may shut down all oil production in the county after 70 years, marking the first time a U.S. county with relatively significant oil production has voted to ban fracking.
  • Monterey County’s San Ardo field has produced an average 21.9K bbl/day of crude this year, ~4.4% of California’s overall 499K bbl/day of onshore output.
  • A group funded largely by Chevron (NYSE:CVX) and a venture between ExxonMobil (NYSE:XOM) and Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) spent millions of dollars fighting the measure.
  • Also, voters in Washington state rejected a ballot initiative that would have created the first U.S. statewide carbon emission tax on the sale or use of fossil fuels and fossil fuel-generated electricity.

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