Business: California, There They Go

Sohio bows out of Long Beach

" This foreign multinational has pulled out. I'd like to know why very quickly." So snapped California Governor Jerry Brown last week, when he heard about the startling decision made by Standard Oil of Ohio. After five years, $50 million in expenses and submission of more than 700 permits and applications, the company, which is part owned by British Petroleum, was abandoning its ill-starred effort to launch a $1 billion project that would have been of value to the entire nation. Sohio wanted to convert an unused 700-mile natural-gas pipeline to move Alaskan oil...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!