EID’s Dave Quast Testifies Before House Committee on California Oil and Gas Potential

EID’s Dave Quast Testifies Before House Committee on California Oil and Gas Potential

Energy In Depth | April 18, 2014 | by Dan Margolis

Currently, in California, the petroleum industry supports approximately 95,000 direct jobs and more than a quarter of a million indirect jobs. And there is good reason to believe that this is only scratching the surface of our potential, as producers discover new ways to access our reserves.  According to a recent study by California State University, Fresno – which used relatively conservative production forecasts — if technical challenges can be surmounted and depending on the pace of innovation and deployment — the development of the Monterey Shale could lead to as many as 195,000 new jobs in the San Joaquin Valley and boost personal income there by $22 billion, all by the year 2030. This could be the beginning of an economic renaissance in a region suffering from crippling, double-digit unemployment.

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Californians for Energy Independence is a coalition that supports state and local policies that allow for continued domestic energy production and opposes those policies – such as oil taxes and energy bans—that would hinder production and increase reliance on foreign oil.

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