California Turns to Off-Shore Oil to Solve Budget Woes. Commentary by Debra J. Saunders, SFChronicle, July 21, 2009. "Sacramento is so desperate to erase the state budget's $26.3 billion shortfall that Gov. Schwarzenegger and the Democratic Legislature are poised to end decades of prohibition on off-shore oil drilling so that they can tap new revenue... As investor Gregor Macdonald recently blogged, 'The mother lode of untapped capital remains in California's offshore reserves of oil and gas. Speaking very generally, if California were able to quadruple offshore daily oil and gas production -- starting in 2012 -- that would represent gross oil sales of nearly $15 billion a year.' Bargain for royalties of 20% or more, and you fund a lot of teachers and parks."
2009-07-25
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