Oil Drilling Means California Jobs

From CBS13 in Sacramento:

There’s a measure to raise billions of dollars for California this year, without raising taxes. If passed, it could provide extra funding for education, health and welfare. So why is this proposal causing controversy at the Capitol?

The answer is oil – the lubricant that could be the key to helping the Golden State get back in the black – or at least closer to eliminating California’s multi-billion dollar deficit – without taking more money from taxpayers.

“Based on the price of oil in today’s value, my bill would be worth somewhere between $14 and $16 billion out of the state’s total budget shortfall of $21 billion,” said Chuck DeVore, a Republican Assemblyman from Irvine. DeVore told CBS 13 he believes there are at least one billion barrels of oil within 3 miles of California’s coast. He wants the state to open up new oil leases, using slant drilling from existing platforms to the shore. The plan gives incentives for oil companies to pay royalties now for oil revenue in the future, generating immediate cash and jobs for California.

“My proposal would create seven thousand oil field jobs, good paying jobs,” Chuck DeVore stated. “And we wouldn’t be sending our money to places like Venezuela and Saudi Arabia and Iran,” he added.

More on this Oil Rig News story