◼ California could become the next oil boom state. - Katy Grimes/Cal Watchdog
Will Democratic Gov. Jerry Brown and a Democratic supermajority in the state Legislature seize the day — and the tax revenue that would come with drilling and fracking? Or will excessive environmental concerns block the development, the jobs and the revenues?
I’ve been saying for months now, if Gov. Brown doesn’t want to go down as the leader responsible for driving the silver stake into the heart of the state of California, he has one option: he can always turn to oil fracking and save the state. Just the mere mention of this dramatic policy change would impact financial markets.
California oil = jobs + tax revenues
California sits on two-thirds of America’s shale oil reserves. The Monterey Shale Formation is four times the size of the Bakken Shale Reserve in North Dakota, which is now the largest oil producer in the country behind Texas.
Along the Western side of the San Joaquin Valley in the middle of the state, the Monterey Shale Formation encompasses several hundred miles, where water has dried up and unemployment is the highest in the state.
