06/18/2018

News

Oil & Gas in California: The Industry and Its Economic Impact

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.

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U.S. Oil Settles Above $30 a Barrel, After Dipping Below for First Time Since 2003

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.

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Molycorp to Suspend Production at California Mine

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.

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EPA Proposes Cutting Methane Emissions From Oil, Natural-Gas Drilling

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.

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Fracking Has Had No ‘Widespread’ Impact on Drinking Water, EPA Finds

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.”

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Oil Prices would Hit $150/Barrel without US Shale, EIA Says

Crude oil would cost at least $150 a barrel due to supply disruptions in the Middle East and North Africa were it not for rising production in North Dakota and Texas, U.S. Energy Information Administration (EIA) chief Adam Sieminski said in an interview on Wednesday.

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Calif. Senate Vote Falls Short for Moratorium on Oil Fracking

The state Senate on Wednesday failed to muster the votes needed to set a moratorium on the oil drilling technique known as hydraulic fracturing, or fracking, until a study determines that it does not pose a health risk for the public.

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California Fracking Moratorium Bill Could Add to Sting of Critical Report

Lawmakers in the state Senate will decide this week on a law that would halt fracking in California until state government officials deem it safe – a move that could prevent the creation of some 195,000 jobs, according to figures provided by the oil industry.

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Oil and Gas in California: The Industry and Its Economic Contribution in 2012

The oil and gas industry makes a significant contribution to the Californian economy. Extraction, production, refining and petroleum products manufacturing result in highly tradable products both consumed domestically and exported, producing high revenues, high wage jobs and significant fiscal revenues for all levels of government. In this report, the Economic and Policy Analysis Group of the Los Angeles County Economic Development Corporation (LAEDC) conducts an industry contribution analysis of the oil and gas industry in California in 2012.

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Proposal for Fracking Moratorium Advances in State Senate

The measure was passed by a bare majority of five votes by the Senate Natural Resources and Water Committee after some Democrats abstained and Chairwoman Fran Pavley (D-Agoura Hills) provided a courtesy vote to keep the issue alive for more discussions that could end up changing the bill.

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Vast Oil Trove Trapped in Monterey Shale Formation

The race began after the federal Energy Information Administration estimated in 2011 that more than 15 billion barrels of recoverable oil is trapped in what’s known as the Monterey Shale formation, which covers 1,750 square miles, roughly from Bakersfield to Fresno.

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Joel Kotkin: Energy Running Out of California

In all but forcing out fossil-fuel firms, California is shedding one of its historic core industries. Not long ago, California was home to a host of top 10 energy firms – ARCO, Getty Oil, Union Oil, Oxy and Chevron; in 1970, oil firms constituted the five largest industrial companies in the state. Now, only Chevron, which has been reducing its headcount in Northern California and is clearly shifting its emphasis to Texas, will remain.

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State Sen. Evans Proposes Oil Extraction Tax for California

State Sen. Noreen Evans (D-Santa Rosa) on Wednesday revived a proposal to tax oil pumped from the ground in California, saying the $2 billion it would raise annually could help restore the affordability of higher education and improve social services and parks.

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Occidental Leaving Westwood for Houston

After nearly a century here, Westwood oil giant Occidental Petroleum Corp. is moving its headquarters to Houston.

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Brown: Thumbs Down on Oil Severance Tax

Gov. Brown summarily rejected the notion of a per-barrel tax on California oil as it comes from the ground, a move that sharply limits the political options of the tax’s backers who hoped to get a bill through the Legislature to raise perhaps $2 billion annually.

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