Developing California's Offshore Resources: More Revenue, Jobs, Energy Security
Posted July 23, 2009
California wisely has decided to use a portion of its abundant natural resources to pay for services to its citizens. An estimated $1.8 billion in state royalty payments are expected over the life of developing these resources, and the funds will help defray the state's budget shortfall as well as increase our nation's energy security.
The nation's oil and natural gas resources represent a tremendous opportunity, particularly during these difficult economic times. California should be commended for its decision, and other states as well as the federal government should allow additional oil and natural gas leasing that will help Americans reap the benefits of their offshore energy reserves.
Read more about California's decision to allow offshore drilling in my response to a post from the National Journal's energy blog. Comments to this post come from a variety of individuals knowledgeable about energy issues.
And for more information, read this Occidental recent press release that talks about a significant new oil and gas discovery in the state, believed to be "the largest in California in more than 35 years."
Update on July 27, 2009: Read more from a Reuters article--last Friday the California state assembly voted down the state's first new offshore oil lease since 1969.
About The Author
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Previously, Mark was a reporter, copy editor and sports editor at an assortment of newspapers. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela have two grown children and six grandchildren.
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