The report describes the economic impact of oil and gas industry operations in their entirety in the state of California. It estimates that the industry’s direct output of more than $111 billion generates more than $148 billion in direct economic activity, contributing 2.7 percent of the state’s GDP and supporting 368,100 total jobs in 2015, or 1.6 percent of California’s employment. Additionally, the oil and gas industry generates $26.4 billion in state and local tax revenues and $28.5 billion in sales and excise taxes. Vulnerable user industries of refined petroleum products, like transportation/warehousing, manufacturing and agriculture represent 1.7 million jobs in California with an associated $111 billion in labor income and account for 8.4 percent of the state’s GDP.
Jan. 12, 2016
Big oil companies deepened their cutbacks to staff and investment Tuesday, as the price of oil briefly slipped below $30 a barrel for the first time since December 2003.
Aug. 26, 2015
Molycorp Inc., the only U.S. producer of rare earths, intends to mothball its mine in California, laying off almost 500 workers and suspending the country’s sole source of the 15 elements used in magnets, batteries and other high-tech products.
Aug. 18, 2015
The Environmental Protection Agency on Tuesday proposed rules aimed at cutting methane emissions from oil and gas production by requiring energy companies to install new technologies at future wells.
June 5, 2015
A decade into an energy boom led by hydraulic fracturing, the Environmental Protection Agency has concluded there is no evidence the practice has had a “widespread, systemic impact on drinking water.”