Oil Executive Warns California's Regulatory Policies Could Escalate Gas Prices
Pat McDonald, CEO of Carbon Energy Corporation, has raised concerns about California's rising gas prices, which he attributes to the state's regulatory policies. McDonald argues that Governor Gavin Newsom's regulations, such as SB 1137, which restricts new oil and gas wells near sensitive areas, are stifling industry growth. He suggests that easing these regulations could significantly boost in-state production. California's reliance on foreign oil, particularly from the Persian Gulf, has been exacerbated by the pause of 'Project Freedom' under President Trump, leaving many ships stranded. McDonald calls for executive action to incentivize local production and reduce dependency on foreign oil.