I think this is an emotional reaction, not a logical reaction. My understanding is that the Tranquillon Ridge deal is not “allowing drilling off our coast.” Drilling is already occurring off the coast, and we all hate it.
But this deal does not set up any new platforms, drilling rigs, etc. It allows PXP to drill at an angle from existing platforms, but in exchange it sets up a date when they stop drilling, dismantle the platforms, and go away.
Without the deal they can stay.
There is a concern that they won’t honor the deal. Fair enough. So let’s say that, seeing as how they are in the oil business, there is perhaps a 99% chance that they will try to wiggle out of the deal. That still leaves a 1% chance that they will honor the deal, stop drilling, dismantle the platforms, and go away.
Even a 1% chance that they will honor the deal leaves us all better off than we are today. Take the deal.
Disclaimer – Hannah-Beth Jackson, who founded Speak Out California, is working with EDC on the Tranquillon Ridge project. I am currently a volunteer with Speak Out California and the associated Institute for the Renewal of the California Dream. While I’m not paid my association with HBJ might influence my views.