WHY CALIFORNIA OIL PRODUCTION NEEDS TO RAMP UP

摘要

California oil companies were the third largest producers of petroleum in 2016, but the state is often overlooked by investors and competitors. While Texas and North Dakota lead the U.S. in production, California finds itself in a unique position because it imports 70% of its crude oil. The state also saw a decline in production in 2017 to 3.53 million barrels (MMbbl) in February, according to data from the Energy Information Administration (EIA), the independent statistical arm of the Department of Energy based in Washington, D.C.