California beats Big Oil again, State Jobs increased

SACRAMENTO  – California notched another victory against Big Oil. The industry announced it is pulling its referendum aimed at repealing California’s law protecting neighborhoods from the dangerous impacts of drilling.

The measure that would have appeared on this November’s ballot could have allowed the oil industry to keep drilling new wells within 3,200 feet of homes and schools and operating existing wells without critical pollution controls. Now that the industry has pulled their referendum, implementation of California’s law requiring setbacks (SB 1137) can begin – a crucial protection for public health and safety.

“Big Oil saw what they were up against — and they folded, again. No parent in their right mind would vote to allow drilling next to daycares and playgrounds. This victory ends new harmful drilling in our communities and enforces common-sense pollution controls,” Gov. Gavin Newsom said.

Recent California victories over Big Oil:

• Working to end price gouging. Governor Newsom signed a first-in-the-nation law to combat price gouging at the pump last year after calling for a special session of the Legislature to hold Big Oil accountable. The law implemented new accountability measures and created an independent watchdog.
• Suing Big Oil for decades of deception. California filed a lawsuit last fall against Big Oil for more than 50 years of deception, cover-up, and damage that have cost taxpayers billions of dollars in health and environmental impacts.
• Protecting nation-leading vehicle pollution standards. The U.S. Court of Appeals for the District of Columbia Circuit reaffirmed California’s decades-old authority to set clean vehicle standards. The decision was a victory against Big Oil and red states seeking to overturn California’s authority.

California created 43,700 jobs in May, 16.1% of the nation’s total

Last month, California created 43,700 jobs – one out of every six jobs in the nation – as the state’s unemployment rate dropped by 0.1 percent. Since May 2020, California has gained 3,100,400 jobs, an average of 63,273 per month.

“California is creating good jobs all throughout the state to support Californians and their families. As the state’s economy grows and hits new milestones, we need to continue supporting and uplifting every community across California,” said Newsom.

Bigger picture

The Golden State, which has the most equitable tax system in the entire country, is #1 in the nation for new business starts, #1 for access to venture capital funding, and the #1 state for manufacturing, high-tech, and agriculture.

Last month, Governor Newsom announced that California’s travel spending reached an all-time high of $150.4 billion last year. This comes after the state’s population increased for the first time since the pandemic and the International Monetary Fund’s World Economic Outlook noting that California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1% since the year prior, according to the U.S. Bureau of Economic Analysis. California’s per capita GDP is the second largest among large economies.

And earlier this month, Fortune announced that for the first time since 2014, California is home to the most Fortune 500 companies in the country – beating out Texas, Florida, and all other states. From tech to finance to entertainment, the state’s diverse economy has 57 companies on the list, while Texas and New York are tied in second with 52 companies each.