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So Much Oil So Close To Home

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Amid talk that Texas's PXP Corporation wants to tap as many as 50 new or existing wells a year for the next 20 years in Los Angeles comes this news out of Long Beach: Yesterday, legislation was passed that could ultimately award a contract with Occidental Petroleum Corp. for a section of the 76-year-old Wilmington oil field, the the third-largest oil field in the contiguous 48 states. While there's been worry that it wouldn't be cost-efficient to drill, new equipment and technology would allow more output and the ability to harness those "sweet spots," as one official puts it. But opponents worry that late proposal date of the bill was intended to allow it fly in "under the radar"; meanwhile, Governor Schwarzenegger has yet to sign it. [LA Times]