With the city of Long Beach facing a deficit budget laced with cuts, and the state of California struggling to come to terms with its own budget crisis, a little extra money could go a long way.  

Which makes a bill recently proposed by Assemblywoman Betty Karnette very intriguing.  Cue John Kanalis of the Press-Telegram:

Assembly Bill 2165 would allow the State Lands Commission to negotiate a contract with the city and Occidental Petroleum Corp. to search for reserves and open new wells in the western end of the nation’s third-largest oil field.

The agreement could mean an estimated $130 million to the city, $150 million to the port and $200 million to the state over 10 years, according to a bill summary.

The key word here is “could,” as we learn later in the article that it is possible there is no available oil in the region.  Passing the bill would simply allow an exploratory mission into the nearby Wilmington Oil Fields.  Passing the bill would also allow the city to negotiate the costs of the project with oil-production contractor Occidental – the state usually pays for such projects.

“As we face difficult budget times at both state and local levels of government, this bill has the potential to help protect us from cuts to important city services, such as public safety,” Karnette said in a prepared statement. “And as a Long Beach resident, I’m all for that.”

By Ryan ZumMallen, Managing Editor