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California is in dire fiscal straits, but tapping its Saudi Arabia-scale oil resources could...

California is in dire fiscal straits, but tapping its Saudi Arabia-scale oil resources could wipe out the state's debt and deficits, Mark Mills writes. The Monterey shale field alone may hold 15.4B barrels of oil, rivaling America's total conventional reserves, and the overall economic benefits of opening up Monterey could reach $1T.
Comments (8)
  • An impossible event given the current leadership. California will need to default before any real change can happen in future planning. The middle class in California is now about 75% public workers.
    16 Jan 2013, 06:49 PM Reply Like
  • Drill? Over Nancy Pelosi's un-dead body!
    16 Jan 2013, 06:54 PM Reply Like
  • No, thank you! They are doing just fine with their high tech, Hollywood, fruits and vegetables, wine and renewable energy projects, not to mention a wonderful coastline, Yosemite and other great tourist spots.

     

    They have even balanced their budget for 2013.

     

    They don't have to spoil their coast lines to get some dirty oil out of the ground.
    16 Jan 2013, 07:14 PM Reply Like
  • the seals will love it!
    16 Jan 2013, 08:05 PM Reply Like
  • Makes too much economic sense - something CA isn't interested in...
    16 Jan 2013, 08:33 PM Reply Like
  • All I can say is, I want some of what Manifestor is smoking. California has "balanced their budget for 2013." HUH!!! From the Sacramento Bee, "The governor's declaration that the deficit is gone contrasts with the November projection from the nonpartisan Legislative Analyst's Office that the state still faced a $1.9 billion shortfall,".
    Besides, all you have to do is live here to know that this is complete nonsense.
    16 Jan 2013, 10:30 PM Reply Like
  • Drilling for that oil is inevitable. Might as well start now. They will find a way to preserve tourist hot spots. But I am not sure fracking is as advanced as the writer makes it seem at its current stage... I guess that is where the idea of Silicon Valley getting back to its roots to develop something amazing comes in.
    16 Jan 2013, 11:59 PM Reply Like
  • Coulda sworn I heard a headline only last week, that Jerry found billions he did not know he had, and everything was already fixed.
    17 Jan 2013, 04:47 AM Reply Like
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