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Long Beach Drinks Up OPEC's Milkshake

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There could be a lot less trouble in the LBC this fiscal year. Long Beach uses a portion of revenues from oil wells, both on land and offshore, for city costs and its Tidelands Fund, which, according to state laws, provides the dough for coastal projects, services and maintenance. Long Beach City Council learned this week that revenues for the city's cut of the fund could be five times higher than what had been budgeted, pushing the city's take from $4 million to $19 million. This potential motherlode comes thanks to OPEC, which voted not to ramp up oil production and to keep prices hovering at about $100 a barrel. [Image via KTO] [Press Telegram]