Connect with us

Published

on

Magali Sanchez-Hall, a Wilmington resident for over two decades, has struggled with asthma her entire life. She says the health issue stems from her proximity to oil and gas drilling.
Emma Newburger | CNBC

LOS ANGELES, CALIF. — Stepping out of a coffee shop near Interstate 110 in the Wilmington neighborhood of Los Angeles, you’re immediately hit by a foul odor.

Magali Sanchez-Hall, 51, who’s lived here for more than two decades, is used to the smell of rotting eggs wafting from the hundreds of oil wells operating in the neighborhood. She’s used to her neighbors describing chronic coughs, skin rashes and cancer diagnoses, and to the asthma that affects her own family, who live only 1,500 feet from a refinery.

“When people are getting sick with cancer or having asthma, they might think it’s normal or blame genetics,” she said. “We don’t often look at the environment we’re in and think — the chemicals we’re breathing are the cause.”

Wilmington, a predominantly working-class and Latino immigrant community of more than 50,000 people, has some of the highest rates of asthma and cancer in the state, according to a report by the non-profit Communities for a Better Environment. It’s surrounded by six oil refineries and wedged in by several freeways and the ports of L.A. and Long Beach.

California, the seventh-largest oil-producing state in the U.S., has no rule or standard for the distance that active oil wells need to be from communities. For many Californians, especially Black and brown residents, acrid smells, noise and dirt from oil production is part of the neighborhood.

Walking around Wilmington, pumpjacks are visible in public parks, next to schoolyards where children play and outside of people’s windows at home. At night, the sky is lit orange from refinery flares.

The discovery of oil in the 1920s led to significant population growth in the area. People built and bought houses next to the oil fields and refineries, which employ thousands of residents in the area. In L.A. County, the industry employs about 37,000 people, according to a report by Capitol Matrix Consulting.

Oil tanks wedged between homes in the Wilmington neighborhood of Los Angeles.
Emma Newburger | CNBC

More than 2 million California residents live within 2,500 feet of an operational oil and gas well and another 5 million — 14% of the state’s population — are within 1 mile, according to an analysis by the non-profit FracTracker Alliance.

Residents are especially vulnerable in L.A. County, which is home to the Inglewood Oil Field. The 1,000-acre site is one of the largest urban oil fields in the country and is owned and operated by Sentinel Peak Resources. More than half a million people live within a quarter mile of active wells that release hazardous air pollutants like benzene, hydrogen sulfide, particulate matter and formaldehyde.

Sentinel Peak did not respond to requests for comment.

Sanchez-Hall didn’t understand the link between the nearby refineries and the health issues in her community until she left. She graduated college and pursued a masters degree at UCLA, where she took environmental law classes, and now advocates for clean air and energy in her neighborhood.

“Wilmington is ground zero for pollution,” Sanchez-Hall said. “Now I understood why people were dying of cancer around me. We’re not disposable people. There is a huge disadvantage because many of us don’t know what’s happening.”

No buffer zone between drilling and people

Research shows that people who live near oil and gas drilling sites are exposed to harmful pollution and are at greater risk of preterm births, asthma, respiratory disease and cancer.

Residing near oil wells is linked to reduced lung function and wheezing, and in some cases the respiratory damage rivals that of daily exposure to secondhand smoke or living beside a freeway, according to a recent study published in the journal Environmental Research.

Another study, published in the journal Environmental Health Perspectives, analyzed nearly 3 million births in California of women living within 6.2 miles of at least one oil or gas well. The authors concluded that living near those wells during pregnancy increased the risk of low-birthweight babies.

Environmental advocacy groups have urged California Gov. Gavin Newsom to instate a 2,500-foot buffer zone, or setback, between fossil fuel operations and homes and schools. This year, a bill to ban fracking and instate a buffer zone failed in a state committee vote.

Other oil-producing states including Colorado, Pennsylvania, and Texas have already implemented some form of buffer zone between properties and wells.

In 2019, Newsom ordered his regulators to study such a health-and-safety rule, but they didn’t meet the December 2020 deadline for action. State oil regulators also missed a more recent deadline in the spring to release new regulations that would help protect the health and safety of people living near drilling sites. The California Geologic Energy Management Division, which oversees the state’s fossil fuel industries, hasn’t yet set a new timeline for regulations.

Meanwhile, the governor since 2019 has approved roughly 9,014 oil and gas permits, according to an analysis of state data by Consumer Watchdog and FracTracker Alliance.

“Frontline communities have been waiting for very basic protections from dangerous oil and gas projects for too long,” said Hollin Kretzmann, an attorney for the Center for Biological Diversity, which recently sued the state for approving thousands of drilling and fracking projects without the required environmental review.

“A safety buffer is the bare minimum,” Kretzmann said. “The fact that our state continues to delay is frustrating and completely unacceptable.”

Josiah Edwards, 21, grew up near the largest oil refinery on the West Coast. “Oil drilling and refineries were always an ever present background in my life,” he said.
Emma Newburger | CNBC

The Western States Petroleum Association and the State Building and Construction Trades Council have opposed a statewide mandate to establish buffer zones, arguing that doing so would harm workers and increase fuel costs.

“A one-size-fits-all approach for an entire state for an issue like this is rarely good public policy,” said WSPA spokesman Kevin Slagle. “Setback distances not based data specific to a region could lead to significant impacts on communities, jobs and the affordability and reliability of energy in the state.”

Environmentalists have also called on Newsom to place an immediate moratorium on all new oil and gas permits in those zones.

Earlier this year, the governor directed state agencies to halt new fracking permits by 2024 and to consider phasing out oil production by 2045. The announced marked a shift in position by Newsom, who’s previously said he doesn’t have executive authority to ban fracking, which accounts for just 2% of oil extraction in California, according to the state’s Department of Conservation.

Newsom’s office did not respond to requests for comment.

Newsom’s predecessor, Jerry Brown, who held office between 2011 and 2018, approved 21,397 new oil wells. More than three-quarters of new wells under Brown’s administration are in low-income communities and communities of color, according to state data analyzed by the Center for Biological Diversity.

‘I could have had a better life’

Josiah Edwards, 21, grew up in Carson, a city located in the south bay region of Los Angeles and near the West Coast’s largest oil refinery, owned by Marathon Petroleum Corp. Edwards and his family members suffered from asthma and were constantly concerned about breathing in emissions of the nearby refineries.

“Oil drilling and refineries were always an ever present background in my life,” said Edwards, who now volunteers for the Sunrise Movement, an environmental advocacy group, in Los Angeles.

Edwards recalled getting bloody noses as a child and coming to connect them with the pollution from refineries. He dove into research on how exposure to pollution may contribute to the development of asthma in childhood and wondered if his life would have been different growing up elsewhere.

“It makes me angry and upset. There’s a situation where I could have had a better life with improved health outcomes,” Edwards said. “Even though it still makes me feel angry, I find a lot of hope in what could be. There’s a potential for change.”

Marathon spokesman Jamal Kheiry said the company’s refinery in Carson has invested in air emissions control equipment and cut its criteria pollutant emissions by 35% in the past decade. It’s also invested $25 million to install air monitoring systems along the perimeter of its facilities, and is providing those results to the public.

Wilmington Athletic Complex is located beside oil tanks.
Emma Newburger | CNBC

Phasing out oil and gas locally

Some parts of the state have taken matters into their own hands.

Culver City in L.A. County passed an ordinance to phase out oil and gas extraction in its portion of the Inglewood Oil Field within five years, in one of the most ambitious moves by an oil-producing jurisdiction. The ordinance also requires that all the wells be plugged and abandoned in that time period.

Ventura County, located northwest of L.A., has adopted a 2,500 buffer zone between oil wells and schools and 1,500 feet between wells and homes.

And L.A. County supervisors voted unanimously earlier this month to phase out oil and gas drilling and ban new drill sites in the unincorporated areas. The county is set to determine the quickest way to shut down wells legally before providing a timeline on the phase out.

Jacob Roper, a spokesperson for the Department of Conservation, of which CalGEM is a sub-agency, said the department is “hard at work developing a science-based health and safety regulation to protect communities and workers from the impacts of oil extraction activities.”

“This is a complex set of rules with subject matter outside of our previous regulatory experience,” Roper said. “It involves close collaboration with other state agencies and an independent public health expert panel in an effort to ensure a thorough analysis of relevant science and engineering practices.”

L.A. could become one of the first major cities in the U.S. to nearly phase out fossil fuels from power supply without disruption to the economy, according to a recent study commissioned by the city. Technologies like solar farms, wind turbines, batteries and electric vehicles would make the transition possible, while mitigating harmful air pollution in the most vulnerable communities.

“There are local officials who are taking this issue seriously,” Kretzmann said. “But the fires, ongoing drought and heatwaves in California are stark reminders that we need much bolder action on fossil fuels.”

Continue Reading

Environment

SunZia Wind’s massive 2.4 GW project hits a big milestone

Published

on

By

SunZia Wind’s massive 2.4 GW project hits a big milestone

GE Vernova has produced over half the turbines needed for SunZia Wind, which will be the largest wind farm in the Western Hemisphere when it comes online in 2026.

GE Vernova has manufactured enough turbines at its Pensacola, Florida, factory to supply over 1.2 gigawatts (GW) of the turbines needed for the $5 billion, 2.4 GW SunZia Wind, a project milestone. The wind farm will be sited in Lincoln, Torrance, and San Miguel counties in New Mexico.

At a ribbon-cutting event for Pensacola’s new customer experience center, GE Vernova CEO Scott Strazik noted that since 2023, the company has invested around $70 million in the Pensacola factory.

The Pensacola investments are part of the announcement GE Vernova made in January that it will invest nearly $600 million in its US factories and facilities over the next two years to help meet the surging electricity demands globally. GE Vernova says it’s expecting its investments to create more than 1,500 new US jobs.

Advertisement – scroll for more content

Vic Abate, CEO of GE Vernova Wind, said, “Our dedicated employees in Pensacola are working to address increasing energy demands for the US. The workhorse turbines manufactured at this world-class factory are engineered for reliability and scalability, ensuring our customers can meet growing energy demand.”

SunZia Wind and Transmission will create US history’s largest clean energy infrastructure project.

Read more: The largest clean energy project in US history closes $11B, starts full construction


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Stablecoin issuer Circle files for IPO as public markets open to crypto

Published

on

By

USDC stablecoin issuer Circle files for IPO as public markets open to crypto

Jeremy Allaire, Co-Founder and CEO, Circle 

David A. Grogan | CNBC

Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets.

JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.

It marks Circle’s second attempt at going public. A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.

Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.

Read more about tech and crypto from CNBC Pro

A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.

Circle is best known as the issuer of USD Coin (USDC), the world’s second-largest stablecoin by market capitalization.

Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.

The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.

Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.” 

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

WATCH: Circle CEO on launching first stablecoin in Japan

Circle CEO on launching the first stablecoin in Japan

Continue Reading

Environment

BYD’s global EV takeover is far from over as overseas sales double to start 2025

Published

on

By

BYD's global EV takeover is far from over as overseas sales double to start 2025

After its meteoric rise in the global auto industry last year, the Chinese EV giant is off to a hot start in 2025. BYD sold over one million EVs and plug-in hybrids in the first three months of the year. Even more impressive, BYD’s overseas sales doubled to start the year as it expands into new markets. With new EVs arriving, some predict BYD could see even more growth this year.

BYD’s overseas sales are surging as new EVs arrive

BYD sold 377,420 new energy vehicles (NEVs) last month alone. Like most Chinese automakers, BYD reports NEV sales, including plug-in hybrids (PHEVs) and fully electric vehicles (EVs).

Of the 371,419 passenger vehicles BYD sold in March, 166,109 were EVs, and the other 205,310 were PHEVs. Combined, BYD’s sales were up 23% compared to last year.

BYD’s Dynasty and Ocean series accounted for 350,615, while its luxury Denza brand sold 12,620, Fang Cheng Bao had 8,051, and its ultra-luxury Yangwang brand sold another 133 models.

Advertisement – scroll for more content

Through the first three months of 2025, BYD sold over one million (1,000,804) NEVs. That’s up 60% from the 626,263 sold in Q1 2024. Fully electric models accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.

BYD-overseas-EV-sales
BYD Dolphin (left) and Atto 3 (right) at the 2024 Tokyo Spring Festival (Source: BYD Japan)

BYD’s overseas sales reached a new record last month, with 72,723 vehicles sold in markets outside of China. Through March, BYD has sold over 206,000 NEVs overseas, more than double (+110%) the number it sold last year.

BYD has made a name for itself with ultra-low-cost EVs like the Seagull, which starts at under $10,000 in China. In overseas markets, like Mexico, it’s sold as the Dolphin Mini and starts at around 358,800 pesos, or around $20,000.

BYD-overseas-EV-sales
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)

The world’s largest EV maker is quickly expanding into new segments with pickup trucks, smart SUVs, luxury models, and electric supercars rolling out.

Last week, BYD launched the Yangwang U7, its first ultra-luxury electric sedan. With four electric motors, the U7 packs 1,287 horsepower, good for a 0 to 62 mph (0 to 100 km/h) sprint in just 2.9 seconds. It also has up to 720 km (447 miles) CLTC driving range.

BYD's-ultra-luxury-EV-sedan
BYD Yangwang U7 ultra-luxury electric sedan (Source: Yangwang)

The Porsche Panamera-size EV is loaded with BYD’s top-tier “God’s Eye” A advanced driving assistance system, DiPilot 600, and a host of other premium features. All of that, and it starts at just just 628,000 yuan ($87,700).

In Europe, BYD is aggressively expanding with new vehicles tailored to buyers in the region, like the Sealion 7 midsize SUV and Atto 2. It’s also expected to launch the low-cost Seagull EV in Europe later this year or early 2026 as the “Dolphin Surf.”

BYD-overseas-EV-sales
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)

According to S&P Global Mobility, BYD’s sales are expected to double in Europe this year to around 186,000. By 2029, that number could reach 400,000 or more.

BYD outsold Honda and Nissan in 2024. As it aims to sell 5.5 million vehicles this year, BYD could be on track to surpass Ford in global sales this year. BYD also aims to sell over 800,000 EVs overseas in 2025, double the number it sold last year.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending