Thanks for the article:
This seemed rather strange(especially in a year that had record oil prices):
“Los Angeles County, the most populous in the U.S. with 9.9 million people, had 3,400 of California’s 50,856 wells in operation last year.”
Like I said, it’s all residential now. Do you have any idea how much it would cost to buy a chunk of land big enough to drill on? You’ve got to have room for the well, for the trucks, for the shacks, etc. So let’s say one residential block. One residential block in that neighborhood has maybe 20 houses on it. It’s a pretty good neighborhood, so each house would sell for, say, $750,000. Already you’re at $15 million before you’ve done anything. There’s just better places for oil companies to invest that capital.