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California Today
The oil industry remains an important sector of California's economy, as California is the fourth largest oil extracting state and the third largest manufacturer of petroleum products. Recently, in August 2005, Unocal merged with Chevron Corporation, a sign that oil is still an important part of California economy. The total petroleum industry employs over 100,000 people and has a value of petroleum shipments just under $26 billion. In 2000, California produced 307 million barrels of crude oil, with almost one million barrels produced daily. This production level has declined however, as seen on the graph of total California oil production.
From CA Energy Commission-Petroleum Industry Profile. Source: U.S. Census Bureau-Annual Survey of Manufacturers.
Petroleum is one of the state's most prevalent natural resources, as 28 of California's 58 counties produced oil and natural gas in 2000. There are about 42,000 small oil-producing wells in California, with most located in southern California. Despite this, California only produces enough crude oil to satisfy half of the billions of barrels of petroleum demanded by transportation. The rest of California's needed petroleum is imported from Alaska and other nations.
Sources:
Public Interest Energy Research. 2004. "Petroleum Industry Profile". California Energy Commission.
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