The first discovery well in the Kern River Fields was drilled in 1899, now according to a new report, it’s a $20 billion industry.
- According to the Los Angeles Economic Development Corporation, the oil and gas industry in Kern County has an over $20 billion dollar impact, is responsible for over 13,400 jobs, and notes that $3.2 billion in wages paid out, goes back into the local economy.
- According to the Sierra Club, while the numbers are staggering, they claim that there are several hidden costs to Kern County residents like excess pollution.
- Chad Hathaway, owner of petroleum company Hathaway LLC., when looking at the future of the industry, it’s still unclear. Hathaway says if legislation continues to further regulate the industry, it could spell trouble for operators down the line.
- To read the full LAEDC report, please visit their website .
BROADCAST TRANSCRIPT:
According to California State Parks, Kern County’s first discovery well in the Kern River oil field was drilled in 1899, now oil and gas account for over 20 billion dollars in economic impact yearly according to the Los Angeles Economic Development Corporation’s latest oil and gas report, I’m Sam hoyle, your neighborhood reporter, let’s break down this report and see where things could be going for oil and gas in the future.
According to the report, the gas and oil industry accounts for 20.5 billion dollars of economic impact, over 13,400 jobs, and 3.2 billion dollars of the money from the industry that’s paid in wages gets spent in our local economy…