- Associated Press - Tuesday, January 27, 2015

CARSON, Calif. (AP) - A California firm has dropped plans to launch a massive oil drilling project in the Los Angeles County city of Carson.

California Resources Corp. said in a statement Monday that the proposed project “is no longer practical in the current commodity price environment.” Oil prices have plunged in recent months.

The decision was hailed by environmental activists and residents who had fought the project for years.

City Attorney Sunny Soltani tells the Los Angeles Times (https://lat.ms/15FlxVH ) that Carson staff will immediately stop work on the project’s application and pending environmental review.

The firm, which was spun off from Occidental Petroleum last month, had planned to bore more than 200 wells to extract more oil from the Dominguez Oil Field.

The field has produced more than 270 million barrels of oil since its discovery in 1923.


Information from: Los Angeles Times, https://www.latimes.com/

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