Posted on 08/29/2008 1:34:23 PM PDT by Ernest_at_the_Beach
LONG BEACH - A bill by Assemblywoman Betty Karnette, D-Long Beach, could lead to the discovery and extraction of additional oil from the Wilmington Oil Field beneath the harbor and pour hundreds of millions of dollars into city, port and state coffers, officials said Wednesday.
Assembly Bill 2165 would allow the State Lands Commission to negotiate a contract with the city and Occidental Petroleum Corp. to search for reserves and open new wells in the western end of the nation's third-largest oil field.
The agreement could mean an estimated $130 million to the city, $150 million to the port and $200 million to the state over 10 years, according to a bill summary.
"As we face difficult budget times at both state and local levels of government, this bill has the potential to help protect us from cuts to important city services, such as public safety," Karnette said in a prepared statement.
"And as a Long Beach resident, I'm all for that."
The State Lands Commission and the city are legally required to enter into a contract for the production of oil, gas and other hydrocarbons from the Wilmington Field.
Though the state has assumed 95 percent of the cost of some previous oil exploration efforts in Long Beach's Tidelands area, the bill would allow a contract to be negotiated that shifts future costs to Occidental, the city's primary oil-production contractor.
Along with costs, Occidental would also assume the risks - the explored areas may prove dry - but get a greater share of the revenue in exchange, said Tom Modica, the city's government affairs manager.
"It's a very good thing for Long Beach and a very good thing for the state," he said.
(Excerpt) Read more at presstelegram.com ...
Jed Clampett and Miss Drysdale had more oil underneath their cement ponds than the bubblin' crude that came up from the ground.
Thank you.
This is the difference between spending half a trillion dollars buying foreign fuel and spending that same half a trillion here at home. Drill here and the money goes into your neighbor’s pockets. Drillers and laborers, engineers, investors, royalties to the owners (which in many cases is the government itself) and then all of that gets taxed by local, state, federal tax-collectors all up and down the line.
So, yes, drill here, drill now, and then you get to tax it. Drill over there, and your cut of the take is a pittance by comparison. All that money, all those jobs, all that technology transfer goes to someone else.
The extra $$ won’t matter. Dhimmicrats probably have already spent the money already.
Signal Hill comes back to life? Shoot even the Democrats can not resist the possibility of MONEY! And oil drilling these days is much safer than decades ago.
I ready somewhere that the dreaded Union Oil blow out in Santa Barbara Channel( circa 1968) was caused by a shift in the ocean floor and had nothing to do with what Union Oil was trying to do to extract oil.
The libs will wind up drilling all over the state and off shore to pick the tab up on all the new arrivals from Mexico.
They are all slugs.
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http://www.gnn.tv/articles/2301/Some_Inconvenient_Truths_About_Al_Gore
May 25, 2006
Gore’s vaunted record as an environmental populist clashed harshly with the 1996 Elk Hills-Occidental deal. Democratic fund-raiser (and former Gore campaign manager) Tony Cohelo sat on the board of the private company hired to provide an environmental impact report for the Energy Department. After the deal was approved, Peter Eisner of the DC-based Center for Public Integrity remarked, “I can’t say that I’ve ever seen an environmental assessment prepared so quickly.” Perhaps even more damning, Elk Hills is part of the Kitanemuk people’s traditional lands. Despite protests from the tribe, it took less than five years for Occidental’s massive operations to wipe out any trace of the 100 native archaeological sites, including ancient burial grounds, that were left in Elk Hills.
Despite being a predominantly Republican supporter, Occidental funneled hundreds of thousands of dollars in campaign contributions to the Clinton/Gore Democrats over the course of their two-term administration. In return, Gore maneuvered to facilitate Occidental’s acquisition of oil drilling rights in the Elk Hills National Petroleum Reserve outside Bakersfield, California. Long held as a federal oil resource, Elk Hills represented the largest turnover of public lands to a private corporation in American history. It tripled Occidental’s U.S. petroleum reserves, increasing the company’s stock value by ten percent. Gore later admitted to controlling between $250,000 – $500,000 worth of shares through a family held trust.
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http://www.newsbusters.org/blogs/matthew-vadum/2008/08/07/al-gore-oilman-who-hates-oil
August 7, 2008 - 17:43 ET
It was almost three weeks ago that Al Gore challenged Americans to "move quickly and boldly to shake off complacency, throw aside old habits and rise, clear-eyed and alert, to the necessity of big changes" by jumping on his alternative energy bandwagon. In a much-hyped speech July 17, the former vice president urged the nation "to commit to producing 100 percent of our electricity from renewable energy and truly clean carbon-free sources within 10 years."
Gore acknowledged that achieving his ambitious goal would be difficult: "To be sure, reaching the goal of 100 percent renewable and truly clean electricity within 10 years will require us to overcome many obstacles."
"To those who say the costs are still too high: I ask them to consider whether the costs of oil and coal will ever stop increasing if we keep relying on quickly depleting energy sources to feed a rapidly growing demand all around the world," Gore said. His activist group, the Alliance for Climate Protection, guesstimates that changing the nation over to so-called clean sources of electricity will cost up to $3 trillion over three decades.
Ironically, one of the many obstacles to "reaching the goal of 100 percent renewable and truly clean electricity within 10 years" is none other than the wily Al Gore himself. That's because even though he claims Americans must work to end their dependence on oil and must stop generating electricity using fossil fuels within a decade or face certain catastrophe, Gore continues to have a financial interest in fossil fuels.
As I wrote before, Al Gore vigorously denies he plans to profit from the global warming hysteria he has helped to create and the media lets him gets away with it. But as Noel Sheppard pointed out, Gore doesn't quite have his story straight. He slipped up in March by admitting he's invested in green energy "investments."
Maybe Gore needs some new handlers.
(For more on Gore and his financial adventures, see "Al Gore's Carbon Empire: Cashing in on Climate Change," by Fred Lucas, Foundation Watch, August 2008, and "Al Gore's Carbon Crusade: The Money and Connections Behind It," by Deborah Corey Barnes, Foundation Watch, August 2007. This blog post is a modified version of a Capital Research Center blog post.)
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