The Wall Street Journal has an incisive editorial this week that compares the diverging trajectories of two big, energy-rich states: Texas and California.
Texas is flush with well-paying oil and natural gas jobs, supported by shale development spurred by advances in hydraulic fracturing and horizontal drilling. The Journal notes that more than 400,000 Texans work in the oil and natural gas industry – nearly 10 times as many as in California – and the state has doubled its oil output since 2005. California? It used to be mentioned in the same breath as oil giants Texas and Alaska, but oil production is down 21 percent since 2001 and it has slipped out of the top-three tier of oil-producing states. The editorial:
This is not because California is running out of oil. To the contrary,... more »