Study Shows Potential Significant Economic Impacts from Development of Shale Oil in the San Joaquin Valley

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Economists at California State University, Fresno recently published a study on the current and future economic impacts of oil production from the Monterey Shale Formation (MSF) in the San Joaquin Valley.  The study was commissioned by the Western State Petroleum Association and responds to the need for a greater understanding of the petroleum industry’s economic contribution to the Valley.

The study noted that development of the MSF could potentially lead to 195,000 more jobs, personal income growth of more than $22 billion, $6.7 billion of taxable sales, and growth in the Valley’s GDP per capita of up to $3,980.  The study does not attempt to quantify the environmental and economic costs of oil and gas production from the MSF, but it does demonstrate that such development can lead to significant economic impacts in the San Joaquin Valley.

 

Topics:  Natural Gas, Natural Resources, Oil & Gas, Shale Gas

Published In: Energy & Utilities Updates, Environmental Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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