Controversial measure overturning oil well restrictions won’t be on California ballot

California’s oil industry says it is withdrawing its controversial ballot measure challenging a state law that would have imposed new restrictions on oil and gas wells within 3,200 feet of homes and schools.

The oil industry, which spent $20 million collecting signatures to put the measure on the November ballot, withdrew its initiative just before the deadline today. Instead the companies say they will challenge the law in court.

Environmentalists consider the industry’s decision...