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Surging Oil Industry Brings Opportunity To Rural California - Stock Image

Stock Photo: 18072714
Files for Editorial Use Only cannot be used for any commercial purposes. Read More
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Caption

TAFT, CA - JULY 22: A crowd is let in during the grand opening of a discount store on July 22, 2008 in Taft, California. Hemmed in by the richest oil fields in California, the oil town of 6,700 with a stagnant economy and little room to expand has hatched an ambitious plan to annex vast expanses of land reaching eastward to Interstate 5, 18 miles away, and taking over various poor unincorporated communities to triple its population to around 20,000. With the price as light sweet crude at record high prices, Chevron and other companies are scrambling to drill new wells and reopen old wells once considered unprofitable. The renewed profits for oil men of Kern County, where more than 75 percent of all the oil produced in California flows, do not directly translate increased revenue for Taft. The Taft town council wants to cash in on the new oil boom with increased tax revenues from a NASCAR track and future developments near the freeway. In an earlier oil boom era, Taft was the site of the 1910 Lakeside Gusher, the biggest oil gusher ever seen in the US, which sent 100,000 barrels a day into a lake of crude. (Photo by David McNew)

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Details

Contributor:
Date Created: 2008-07-22
Country created in: United States
Keywords:
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Views: 32
Uploaded on: 07-22-08 © EdStock
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