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.
As detailed in Money & Co. blog, the development of the 1,750-square-mile formation in Central California could have a transformative effect on the Golden State’s economy, with the state potentially reaping oil-related tax revenue of $4.5 billion in 2015 and $24.6 billion by 2020.
“Based on the experience of other states, not only would state unemployment fall, but significant migration of properly skilled workers into California would occur,” said the report, which was conducted by USC and the Communications Institute, a Los Angeles think tank, and funded in part by a grant from the Western States Petroleum Assn.
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