The Onshore Oil Industry provides for a significant annual economic impact in local jobs and revenue.
According to the UCSB Economic Forecast Project’s Economic Impact Study published in September of 2013:
- For every barrell of oil produced, there is $142 in total economic benefit.
- Onshore oil provides over 1,900 local, high paying, career jobs.
- The overall economic impact is between $291 million and $402 million annually.
- The County of Santa Barbara benefits with a substancial amount of tax revenue from the industry.
- Local schools also receive a considerable abount of funding.