In historic move, Los Angeles bans new oil wells, phases out existing ones [Los Angeles Times (CA)]
Freeport-McMoRan, Inc. (FCX)
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Source: Los Angeles Times
The Los Angeles City Council voted Friday to phase out all oil drilling in L.A. and ban new wells, a historic move in a city that was built by a once-booming petroleum industry and whose residents have suffered with decades of environmental consequences as a result. In a 12 to 0 vote, the council approved a new ordinance that immediately bans new oil and gas extraction and requires that all existing oil and gas extractions stop production within 20 years. The move is opposed by the oil industry, whose leaders warned city officials that the move would hurt the city’s finances and make L.A. more dependent on foreign oil. California Along La Cienega near Inglewood. At Beverly Hills High School. In people’s backyards in Echo Park. Atop Signal Hill. Oil wells are everywhere in and around L.A. You sure don’t see that in Paris (France). According to the city’s planning department, Los Angeles has 26 oil and gas fields and more than 5,000 oil and gas wells. Some of the wells are active, wh
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