Oil and gas exploration has the power to unleash a powerful job-creating force. California, with the worst unemployment rates in the country at 9.6% could join in the jobs boom that would have it rival best-in-the-nation North Dakota, which boasts a 3.3% unemployment rate. But sadly for those looking for work in the state, a recent court victory shows the state has no chance of participating in that job-creating machine anytime soon.
A federal judge ruled that the U.S. Bureau of Land Management ignored its responsibility in assessing the environmental impact hydraulic fracturing would cause when the agency doled out leases in California’s Monterey Shale Formation, which is estimated to hold some 15 billion barrels of oil.
Looks like 9.6% unemployment rate will be around here a little bit longer.