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.
Such drilling in the Monterey Shale Formation, in addition to increasing per-capita gross domestic product, may add as much as $24.6 billion in state and local tax revenue and as many as 2.8 million jobs by 2020, according to the report released yesterday by the Los Angeles-based university.
“Based on the experience of other states, not only would state unemployment fall, but significant migration of properly skilled workers into California would occur,” according to the study. “More job gains can be captured by Californians with appropriate education and training.”
04/19/2024