CA AB1440

Revises the State Oil and Gas Supervisor's duty to supervise oil and gas wells to permit operators to utilize industry methods and practices deemed suitable by the supervisor, rather than requiring maximum recovery of hydrocarbons.

Changes the state's declared policy regarding oil and gas leases to focus on "wise oversight of oil and gas development" instead of encouraging the "wise development of oil and gas resources."

Removes the legislative finding that the state has a direct interest in assuring production of "optimum quantities" of oil and gas from state-owned lands and that minimal oil and gas should be wasted.

Maintains supervisor authority to require monitoring programs for aboveground oil production tanks and facilities to detect releases to soil and water.