CALIFORNIA | LOCAL
March 15, 2013 |
SACRAMENTO -- Tapping California's oil-rich Monterey shale using hydraulic fracturing could boost the state's economic activity by as much as 14.3% and create hundreds of thousands of jobs, according to a new USC study. As detailed in Money & Co. blog , the development of the 1,750-square-mile formation in Central California could have a transformative effect on the Golden State's economy, with the state potentially reaping oil-related tax revenue of $4.5 billion in 2015 and $24.6 billion by 2020.
March 14, 2013 |
Portland, with a unanimous City Council vote, became the fourth city Wednesday to require private employers offer workers sick leave. Hailed by supporters as a move to provide workers with protection from being fired if they call in sick, the policy affects businesses who employ six or more workers. The municipal vote comes a day before a similar measure is set to go before City Council members in Philadelphia. "Policies like paid sick days are about more than keeping people healthy -- they're about keeping money in the pockets of working families so they can cover the basics," said Ellen Bravo, executive director of Family Values (at)
March 13, 2013 |
California's Monterey shale, which holds an estimated 15 billion barrels of oil, has been touted as crucial to the state's energy future and a boon to its economy. A study released Thursday tries to quantify the potential economic benefits. The study by USC and the Communications Institute, a Los Angeles think tank, estimates that development of the 1,750-square-mile formation in central California could generate half a million new jobs by 2015 and 2.8 million by 2020. Tapping the Monterey shale, which holds an estimated two-thirds of the country's shale oil reserves, would probably require some combination of horizontal drilling and hydraulic fracturing, known as fracking, a practice opposed by many environmentalists worried about possible damage to land and water.
CALIFORNIA | LOCAL
February 13, 2013 |
SACRAMENTO -- State lawmakers are voicing doubts that the Brown administration's proposal to regulate hydraulic fracturing is tough enough to protect public health and safety -- and they're questioning whether the state's oil regulators can be trusted to enforce it. As detailed in Wednesday's Los Angeles Times , state senators convened a joint legislative hearing to review draft regulations, which represent California's first attempt to govern...
July 26, 2012 |
Exxon Mobil Corp.andOccidental Petroleum Corp.said second-quarter earnings took a hit from lower oil and natural gas prices, a pattern that analysts expect to be repeated throughout the energy industry. But in an economy that is struggling to gain momentum, the oil business is still posting numbers that many others would love to have. Exxon Mobil, in fact, reported record profits, but it needed the help of asset sales to do it. Analysts said the stage for this week's earnings reports was set when oil declined nearly 9% and natural gas plunged 46% during the quarter compared with year-earlier prices.
CALIFORNIA | LOCAL
October 15, 2006 |
Tucked into a massive energy bill that would open the outer continental shelf to oil drilling are provisions that would slash future royalties owed to the federal government by companies prospecting in Rocky Mountain oil shale deposits. Sponsored by Rep. Richard W. Pombo (R-Tracy) and passed by the House earlier this year, the bill would amend an existing requirement that the federal government receive a "fair return" from oil companies that hold oil shale leases on public lands.