California AG Bonta: Sable Restart Won’t Lower Oil Prices

The restart of some 50,000 barrels a day of oil production off the coast of California will have have “no impact” on oil prices, the state’s Attorney General, Rob Bonta said.Houston-based oil driller Sable Offshore Corp. has spent years attempting to restart production at a cluster of platforms off the Santa Barbara coast, facing local opposition tied to an onshore pipeline that spilled more than 2,000 barrels of oil onto California beaches when owned by Plains All American Pipeline. Earlier this month, US Energy Secretary Chris Wright instructed Sable to restart the pipeline system under an executive order invoking emergency powers from President Donald Trump, leading to a lawsuit from California AG Rob Bonta. “The amount of oil that moves through that pipeline is negligible,” Bonta said Tuesday in the interview. “We don’t have a national energy emergency despite the claims of the president.” -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake