Oil and Gas in California: The industry, its economic contribution and user industries at risk in 2015
Executive Summary
The oil and gas industry makes a significant contribution to the California economy. Extraction, production, refining and petroleum products manufacturing result in highly tradable products both consumed domestically and exported, producing high revenues, high wage jobs and significant fiscal revenues for all levels of government. The industry is facing changing market conditions as a result of regulatory mandates issued and under consideration in California to meet emissions goals by 2020, 2030 and 2050. These market changes are expected to impact the ability of both upstream and downstream operations to continue in the state and the available supply of petroleum and petroleum products In this report, the Institute for Applied Economics of the Los Angeles County Economic Development Corporation (LAEDC) conducts an industry contribution analysis of the oil and gas industry as a whole in California in 2015 and concludes with forward industry linkages for petroleum refineries in California in 2015.