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California's Oil Industry Collapses Despite Shale Boom

by rigzone.com posted 1month ago 21 views
The shale revolution that has transformed the U.S. oil and gas industry has completely passed California by. : Not that long ago, California was the second most vital U.S. oil producing state. Since peaking in 1985, however, output has plunged almost 60 percent to 460,000 barrels per day (bpd). This collapse is made even more discouraging by the fact that total U.S. crude oil production has been soaring to record heights, up 140 percent to 12.1 million bpd over the past decade. Indeed, the shale revolution that has transformed the U.S. oil and gas industry has completely passed California by.