In an effort to curb an estimated $11.2-billion state budget shortfall, California Gov. Arnold Schwarzenegger has proposed a severance tax on oil production in the state. Natural gas is not targeted for the tax.
“We have drastic problems that require drastic and immediate action—we must stop the bleeding right now,” Schwarzenegger says in a statement at the state’s website.
According to the IPPA, oil and gas production is from 28 of the state’s 58 counties. In 2005, the last year for which there are statistics, there were 2,083 oil and 117 gas wells in the state. In terms of oil wells drilled, California ranked No. 2 in the nation in 2005 and fourth in terms of production and reserves.
The average daily production was 625,000 barrels of oil and 224 million cubic feet of natural gas. The industry employed about 131,099 people then.
On Nov. 4, California voters rejected two ballot proposals that would have supported funding alternative energy. Two years ago, they rejected another tax proposal on oil producers that would have funded research and producing alternative energy and alternative-fuel vehicles.—JAS
Validere Brings Onboard Karen Marsh as Senior Advisor of Carbon Strategies
2023-03-28 - A former senior environmental engineer for the EPA, Karen Marsh brings 15+ years of experience to her new role as Senior Advisor, Carbon Strategies for Validere.
Ecopetrol Names Alberto Consuegra as Interim CEO
2023-03-27 - Colombia state energy giant Ecopetrol has appointed COO Alberto Consuegra Granger as interim CEO, effective April 1, to replace Felipe Bayón Pardo who steps down on March 31.
Energy Transition in Motion (Week of March 24, 2023): Advancing Projects, Investment
2023-03-24 - Here’s a look at some of this week’s renewable energy news, including a $2.6 billion wind farm final investment decision.
Market Watchers: Oil, Gas Demand to Overtake Supply by Year’s End
2023-03-23 - Dennis Kissler, senior vice president of BOK Financial’s trading division, discusses supply and demand and the gambles ahead for the market.
Capstone Secures Follow-on Order for Microturbines
2023-03-23 - Horizon Power Systems commissioned two microturbines from Capstone Green Energy to power a remote natural gas compression facility in Wyoming’s Green River Basin.