Sam Koppelman

And every time they ran into problems getting it approved by California, which is understandably worried about a travesty like this happening again.

Exactly.

And for Exxon, cleaning up this pipeline, closing it down, would cost billions of dollars.

And so instead, they did something else with it.

They basically gave this oil project, the Santa Ynez unit, to this kind of cowboy oilman.

named Jim Flores, better known as Big Jim Flores on account of his large stature.

He is indeed an oil man.

And his career has been one befitting a Paul Thomas Anderson movie.

Big ups, big downs, big swings, sold a company for over a billion dollars, had another company go into bankruptcy.

And this

is kind of the last big swing for Big Jim.

They basically gave him a huge loan and was like, you can use our money to go take over this pipeline.

And maybe it doesn't work.

Maybe you have the same fate as us.

And then Exxon will take the pipeline back.

But if you can get it approved, if you can get it online, you will make billions and billions of dollars.

It's, in a way, the ultimate gamble.

And so, of course, it appeals to the ultimate gambler, Phil Mickelson.

Billy Walters, who it should be noted, was known as the greatest sports better of all time.

I can't believe that Phil Mickelson did this.