The oil and gas industry has been operating in Ventura County for over 100 years. It has been and continues to be, a positive force in Ventura, impacting the region’s economy and state and local revenues. This reflects the enormous value of oil and gas reserves, the high wage payments in the industry, and the large amount of purchases made by oil producers from other local businesses.
Oil and gas production in Ventura County accounted for 7.7 MILLION BARRELS in 2016, 4% of California’s statewide total.
In 2018, the oil and gas extraction industry in the country will account for:
The oil and gas industry is currently responsible for:
WHAT A BAN ON PRODUCTION WILL DO
Activist groups want to shut down oil and gas production. A ban will have significant consequences, such as:
IMPACTS ABILITY TO PAY FOR PENSIONS
All ten cities located in Ventura County are members of CalPERS which faces a major unfunded liability. Based on CalPERS’ most recent actuarial projections, annual pension contributions for the 10 cities combined will increase by over $15 million between 2017-18 and 2022-23.
Source: Economic and Tax Revenue Impacts of Oil Production in Ventura County, December 2017, Capital Matrix Consulting
Say no to limiting oil production in Ventura County and yes to energy independence and jobs in Ventura County.