{"id":16965,"date":"2013-01-16T20:12:42","date_gmt":"2013-01-17T01:12:42","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=16965"},"modified":"2013-01-16T20:12:42","modified_gmt":"2013-01-17T01:12:42","slug":"calif-has-1-trillion-in-oil-but-would-it-stop-govt-spending","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/16965\/calif-has-1-trillion-in-oil-but-would-it-stop-govt-spending\/","title":{"rendered":"Calif. Has $1 Trillion in Oil, But Would It Stop Govt. Spending?"},"content":{"rendered":"<p><a href=\"http:\/\/online.wsj.com\/article\/SB10001424127887323353204578128733463180210.html?mod=hp_opinion\" target=\"_blank\">Mark Mills<\/a> writing in The Wall Street Journal says that projections about California\u2019s latent shale oil reserves could be the silver bullet for the state\u2019s fiscal woes:<\/p>\n<blockquote><p>The overall economic benefits of opening up the Monterey shale field could reach $1 trillion. One can only imagine the impact on California&#8217;s education system, social programs, infrastructure, and even energy-tech R&amp;D. Moreover, with that kind of revenue, Sacramento tax collections could wipe out debt and deficits.<\/p><\/blockquote>\n<p>But is it really plausible that California\u2019s big-spending political class would use the $1 trillion windfall to pay off the state\u2019s debts and seed a rainy day fund?\u00a0 Call me cynical, but it seems way more likely that state spending would increase above and beyond whatever windfall comes from oil drilling.<\/p>\n<p>That said, I\u2019d love for Sacramento to prove me wrong.\u00a0 Let the fracking begin!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mark Mills writing in The Wall Street Journal says that projections about California\u2019s latent shale oil reserves could be the silver bullet for the state\u2019s fiscal woes: The overall economic benefits of opening up the Monterey shale field could reach $1 trillion. One can only imagine the impact on California&#8217;s education system, social programs, infrastructure, [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[70,4000,59,195,1216,3934,61],"class_list":["post-16965","post","type-post","status-publish","format-standard","hentry","category-posts","tag-budget","tag-califfornia","tag-deficit","tag-energy","tag-oil","tag-shale","tag-spending"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=16965"}],"version-history":[{"count":4,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16965\/revisions"}],"predecessor-version":[{"id":16969,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16965\/revisions\/16969"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=16965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=16965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=16965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}