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.
After nearly a century here, Westwood oil giant Occidental Petroleum Corp. is moving its headquarters to Houston.
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.
San Francisco Bay Area hedge fund manager Tom Steyer on Monday launched a statewide campaign, aimed at prompting action by state lawmakers, to impose a new extraction tax on oil produced in California.
“The U.S. is overtaking Russia as the world’s largest producer of oil and natural gas, a startling shift that is reshaping markets and eroding the clout of traditional energy-rich nations.
U.S. energy output has been surging in recent years, a comeback fueled by shale-rock formations of oil and natural gas that was unimaginable a decade ago. A Wall Street Journal analysis of global data shows that the U.S. is on track to pass Russia as the world’s largest producer of oil and gas combined this year—if it hasn’t already. “
As the debate over the practice of hydraulic fracturing to reach deeply embedded oil heats up, listening to a discussion on the topic sponsored by Los Angeles’ BizFed Institute last week, I have the feeling we will see it happen. Or should I say continue to happen since fracking, as it is called, has been going on in California for 60 years.
The rapid replacement of coal by cheaper and cleaner natural gas has helped drive emissions down in the United States more than any other country in the world in recent years. Cheap nautral gas is crushing domestic demand for coal and is the main reason for the rapid decline in US carbon emissions. The gas revolution offers a way for the United States and other nations to replace coal burning while accelerating the transition to zero-carbon energy.
. . . new economic study produced by leading academic economists that examines the role that development of oil from California’s Monterey Shale Formation can play in the future economic well-being of the state of California.. . . documenting the potential impact of development of the Monterey Shale on job creation, economic activity, personal incomes, and government tax revenues over the next 15 years.
If you want an objective view of energy, ask an economist, who can tell you what to expect to pay at the pump in the coming years, and why, as well as what to expect from medium- and long-term economic growth and what the real drivers will be. These are questions that are crucial to a pending decision by the US government over natural gas exports, and while we know where big oil stands versus its manufacturing rivals—it’s the economist who can set things straight.
WASHINGTON — The Interior Department proposed new rules to regulate hydraulic fracturing for oil and gas on federal land Thursday, drawing criticism from environmentalists that it had weakened an earlier draft to placate industry.
(CNN) — One hundred and sixty-five years ago, in Coloma, California, a carpenter named James W. Marshall built a sawmill to harness the power of the American River. Below the waterwheel, he saw flakes of metal where the spent water flowed. Marshall marked the moment saying, “I have found it.” He had discovered gold in California and more: For the next century, our nation would mine its future in the Golden State.
Last year California voters approved two tax increases aimed at bringing billions more dollars into state coffers. But that hasn’t stopped revenue-hungry lawmakers in the Legislature from seeking further tax hikes. It’s almost as if they think we can tax ourselves into prosperity.
SACRAMENTO — Tapping California’s oil-rich Monterey shale using hydraulic fracturing could boost the state’s economic activity by as much as 14.3% and create hundreds of thousands of jobs, according to a new USC study.
Development of oil-shale deposits through Central California using fracking and other techniques may boost the state’s economic activity by as much as 14.3 percent, a University of Southern California study said.
California’s Monterey shale, which holds an estimated 15 billion barrels of oil, has been touted as crucial to the state’s energy future and a boon to its economy. A study released Thursday tries to quantify the potential economic benefits.