By refusing to tap much of the oil wealth off its shoreline,
California is forgoing a resource that could go far to revive its
economy and bring state and local governments back to fiscal health.
On dry land, too, California is missing an opportunity: Its vast onshore oil reserves are underused, thanks to a green-energy agenda that raises the cost of oil production and refining.
Policymakers have to realize that their quixotic quest to outgrow fossil fuels isn't helping the state.
California's attitude toward oil began to shift in January 1969, when a well six miles off the Santa Barbara coast blew out just after workers had finished drilling it. The spill was the largest in American waters at the time; it now ranks third behind the Deepwater Horizon and Exxon Valdez spills.
Its impact extended far beyond California; more than any other single event, it brought the various strands of environmentalism and conservation together into a national movement.
Read more: http://news.investors.com/article/621501/201208081905/petro-state-of-california-needs-crude-awakening.htm
On dry land, too, California is missing an opportunity: Its vast onshore oil reserves are underused, thanks to a green-energy agenda that raises the cost of oil production and refining.
Policymakers have to realize that their quixotic quest to outgrow fossil fuels isn't helping the state.
California's attitude toward oil began to shift in January 1969, when a well six miles off the Santa Barbara coast blew out just after workers had finished drilling it. The spill was the largest in American waters at the time; it now ranks third behind the Deepwater Horizon and Exxon Valdez spills.
Its impact extended far beyond California; more than any other single event, it brought the various strands of environmentalism and conservation together into a national movement.
Read more: http://news.investors.com/article/621501/201208081905/petro-state-of-california-needs-crude-awakening.htm
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