based on the assumption that the green-fags out there will let them get it out of the ground...
Posted on 12/19/2012 12:31:54 PM PST by thackney
It may be the biggest insult since salsa made in New York City. Texas, long the nation’s oil capital, could get upstaged by California.
That’s right, California. Enron’s prey-ground. Cap-and-trade fantasyland. Home of fossil-fuel-hating, electric-car-driving, green-dreamers.
Last week, the U.S. Bureau of Land Management sold 15 leases for about 18,000 acres in California’s Monterey Shale, which stretches 200 miles south from San Francisco. The U.S. Energy Information Administration estimates the shale formation could hold 15.4 billion barrels of oil, which would be double the combined reserves of the Bakken formation in North Dakota and the Eagle Ford shale of South Texas, Bloomberg News reports.
Los Angeles-based Occidental Petroleum snapped up most of the leases sold at the auction, and California lawmakers have drafted new rules to deal with a boom in hydraulic fracturing.
So far, Texas still has the edge in terms of jobs. A recent report by IHS Global found almost half of the country’s nearly 1.3 million energy industry jobs were in Texas, and predicts the number will continue to rise. Oil and natural gas activity in Texas is expected to generate $22 billion in federal, state and local revenue this year.
Those numbers aren’t lost on California, a state battered by budget shortfalls, underfunded public pensions and an unemployment rate of more than 10 percent, the nation’s highest.
Increased production from California will add to U.S. oil output that is already growing a record, hitting its highest level in 15 years, according to a report by the U.S. Department of Energy . Domestic production will top 6.4 million barrels a day this year, a 14 percent increase from last year and the biggest annual gain since the first commercial well was drilled in western Pennsylvania in 1859.
All of which is good for the country and good for the oil industry, as long as they don’t start calling it California Tea.
Holding a lease is a reality even in CA. Drilling on that lease is a whole different story. It will be a boon for the enviro’s and their lawyers though. I just can’t see the people in CA allowing new drilling.
I hope for the best anyway.
Los Angeles-based Occidental Petroleum snapped up most of the leases sold at the auction, and California lawmakers have drafted new rules to deal with a boom in hydraulic fracturing.
Could it just be a coincidence that Obama would give this lease billions of barrels of oil to Occidental Petroleum which likely has significant ties to Occidental College, the college that has thus far refused release Obama’s academic records?
Did you make that leap by the name only?
Occidental College was started in 1887 by a group of Presbyterians.
What 'significant ties' are there between Occidental College and Occidental Petroleum?
Morton Downey Jr: But do they deny there are ties?
How is Morton Downey Jr connected to either one?
The Gore family used to own Occidental Petroleum stock.
What is the connection to Occidental College?
What is this guy smoking? Moonbeam Maryjane?
California now produces less than North Dakota. And he thinks they can pass Texas??
Occidental cant get new field permits in the state and those new appointees - really last year’s story - havent helped.
“How is Morton Downey Jr connected to either one?”
I was being facetious by channeling the guy’s style of questioning.
based on the assumption that the green-fags out there will let them get it out of the ground...
Occidental’s owner is the late Armand Hammer, Soviet Oil Maverick. His heirs, anyway.
maybe he's got some pull with the cali-commies then...
So how are the heirs of Armand Hammer connected to Occidental College?
Difference is that you can drill in Texas. In California, you can spend years chasing permits as they keep moving the goal posts.
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