California is considering banning fracking because of its excessive use of water and the effect on water supplies. BRY has significant holdings in Californnia. Does anyone have an idea of the effect on the LINE/BRY valuation if a fracking ban is put in place ? My best guess is it won't be good.
The CA financial situation you describe is incorrect. Please read the following:
The difference between debt and deficit. Debt is long term and deficit is determined by the amount of annual revenue and so far California has more tax revenue than spending based on the 2013 budget. Don't worry the state legislature will spend the current surplus and give us a deficit before year end.
Currently the State of California has 617 billion in debt as of September 12, 2012. This debt amount is more than the Greece debt. So much for the current 2013 surplus.
Only if you do not include pension liabilities.
Also the difference between sustained revenues and windfalls.
Yes the Democrats with their super majorities are trying to 'spend' the 'surplus'.
No there is nothing economically sustainable in California.
Yes Progressives ranks are honestly deluded out here. BUt the reality is check the actuarial deficits on the promised pensions. How much is $300+ billion compared to the state economy which is becoming increasingly low value added? Nor do I believe there is another Face Book to count on.
Similar legislation on fracking got crushed last year when it was ill-advisedly pushed through.
They have been fracking in Calif. for 30-40 yrs. with no major incidents. Water is now recycled in these many of these operations.
That's old news it was on Fox Monday. Jerry Brown is a supporter of fracking and with his miserable budget situation I can't see him allowing lower lever gov't hacks stabbing the rest of the state in the liver as the oil and gas industry is among the highest tax payers.
Illegal immigrants enrolled their anchor babies by the MILLIONS into California state programs and have bankrupted them. Illegal immigrants have literally eaten California citizens lunch. They are rapidly turning California into a third world cesspool.
illegal aliens qare a boon to the california economy. Without them, the agricutltural crops would rot in the fieldds, unpicked . but if it makes u feel better, aliens are leaving california in droves to regions with more affordable housing.
I wonder what fraking will do to the faults
California is bankrupt. The Air board is insuring the economy will not be able to recover.
When it comes down to government workers not getting their full exorbitant pensions this will change. The state must have the oil and gas revenues to have any hope of paying those pensions.
In the mean time BRY is working low decline assets. It is also receiving premium pricing for oil. The KMP pipe line failing was of course silly so standard California but also protects BRY pricing. BRY is also producing heavy oil rather than the light shales which are in surfeit.
Look at the nasdaq website for today's trades at/near the open....LOTS of very small trades.....like for 2 or 4 shares, some for 48 or 25....lots of them...mixed in.
here is just a sample but there are lots of them:
09:30:02 $ 33.77 48 09:30:02 $ 33.77 200 09:30:02 $ 33.77 200 09:30:02 $ 33.77 100 09:30:02 $ 33.77 150 09:30:02 $ 33.77 50 09:30:02 $ 33.77 2 09:30:02 $ 33#$%$ 09:30:02 $ 33.77 60 09:30:02 $ 33.77 50 09:30:02 $ 33.77 200 09:30:02 $ 33.77 100 09:30:02 $ 33.77 250 09:30:02 $ 33.77 200 09:30:02 $ 33.77 40 09:30:02 $ 33.77 100 09:30:02 $ 33.77 600 09:30:02 $ 33.77 2,070 09:30:02 $ 33.77 25
Read more: http://www.nasdaq.com/symbol/line/time-sales#ixzz2UsTDihlz
Should we all worry now?
Is it time?
maybe it will rain enough?
Is that the same California that sits next to an ocean called the Pacific where there is a lot of water?
I thought Texas had even less water near it than California.....&..lots of fracking is still going on in Texas.
Just look at the SP nothing more needs to be said. Smart #$%$. Which is better light crude or heavy crude? Even you should see the correct answer .But sometimes the blinders and choice of peeps they want to back gets in the way of a real and correct decision.