Ventura County Fiscal Facts

Economic & Fiscal Impact of the Oil & Gas Industry in Ventura County

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.

ECONOMIC OUTPUT

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:

  • $760 million in economic output
  • $180 million in labor income
  • Over $50 million in royalty and lease payments to mineral rights owners

The oil and gas industry is currently responsible for:

  • $56 million in state and local taxes and fees
  • $21 million goes to local jurisdictions within Ventura County supporting:
    • Schools
    • Fire
    • Police

EMPLOYMENT AND WAGES

  • 900 workers directly employed
  • Direct and indirect employment is expected to increase from 2,100 to over 3,000 jobs in 2023.
  • $115,000 average industry salary is 2x the average pay in the private sector
  • 1 job in the oil and gas industry = 1.4 JOBS elsewhere

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:

  • Over 3,000 local workers and families would be threatened with job losses.
  • Reducing the local economic activity by $1 BILLION.
  • Reducing county tax revenue by $50 MILLION – used to support fire and police.

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

Join Our Ventura Coalition

Say no to limiting oil production in Ventura County and yes to energy independence and jobs in Ventura County.