The Press-Telegram’s John Canalis has been on assignment for the past few weeks. Now we know why. This past Sunday, Canalis reported on the vast oil field below Long Beach and what it means to the City’s long-term financial situation.
Canalis writes: One of the solutions to Long Beach’s ongoing budget problems may be buried deep underground. Complex contract negotiations involving the Wilmington Oil Field in and around the Port of Long Beach could uncover a cash gusher for public and private interests.
Preliminary 10-year financial projections associated with the project include eye-popping numbers: $130 million for the city’s general fund, which pays for services such as police and firefighting; $150 million for the city’s Tidelands Fund, which pays for services such as lifeguards and coastal development; $240 million for Occidental Petroleum, which is under contract with the city to extract oil from the Wilmington field.
Click here read the Press-Telegram story.