CA May Consider Offshore Oil Project

According to a report from PennEnergy.com, California’s legislature might vote later this week to authorize the first new oil activity off Santa Barbara in 40 years as a way to help resolve the state’s budget crisis. The proposal reportedly was part of an agreement Gov. Arnold Schwarzenegger reached on July 20 with majority and minority leaders of the state’s senate and assembly to eliminate California’s $26.3b budget deficit. It includes some $15.5b in cuts, defers other costs, and takes funds from cities and counties, several news reports said.

(Source: PennEnergy.com)