Economists at California State University, Fresno recently published a study on the current and future economic impacts of oil production from the Monterey Shale Formation (MSF) in the San Joaquin Valley. The study was commissioned by the Western State Petroleum Association and responds to the need for a greater understanding of the petroleum industry’s economic contribution to the Valley.
The study noted that development of the MSF could potentially lead to 195,000 more jobs, personal income growth of more than $22 billion, $6.7 billion of taxable sales, and growth in the Valley’s GDP per capita of up to $3,980. The study does not attempt to quantify the environmental and economic costs of oil and gas production from the MSF, but it does demonstrate that such development can lead to significant economic impacts in the San Joaquin Valley.
Co-authored by Michael N. Mills and Rebecca C. Guiao.