Why California Resources Stock Is Rebounding Today
Shares of California Resources (NYSE: CRC) jumped more than 10% by 2:30 p.m. EST on Wednesday. That rebound in the California-based energy company comes on the heels of a more than 20% plunge yesterday after that state's governor stopped the approval of certain drilling permits.
California-based oil producers plummeted on Tuesday after Governor Gavin Newsom stopped approving permits to hydraulically fracture new oil wells until an independent panel of scientists could review those projects. He also imposed a moratorium for steam-injected oil drilling in response to a recent spill at a Chevron facility in the state.
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Source Fool.com
