The Central Valley, a large swatch of California between the coast and the Sierra mountains, was until recently, in a state of emergency. The region was in a long drought. The recession didn’t help. People were hungry.
Hydraulic fracturing, commonly known as “fracking,” could be a revenue bonanza for California. The nation’s largest reserve of deep-rock oil is in our state’s Monterey shale, stretching under the Central Valley and Central Coast to Los Angeles. In fact, it’s nearly two-thirds of the entire country’s deep rock deposits, containing 15 billion barrels of oil. That could translate into hundreds of thousands of jobs and almost $25 billion in tax revenues by 2020.