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Search results for "oil reserves" ...
In this series of coverage, Mission and State looks at Santa Barbara’s love-hate relationship with oil. As the country dives deeper and deeper into the enhanced-extraction oil boom, Santa Barbara grapples with what to do with the vast oil reserves waiting to be tapped in the North County and offshore. These stories delve into the fractured local oil politics, the strange bedfellows oil development can make of environmentalists, oil companies and politicians, the environmental and developmental legacies informing current debates, the missed opportunities for environmental concessions and the campaign contributions putting politicians in compromising positions. These stories paint the picture of a county in an almost schizophrenic political and cultural dance with itself. During the course of researching and reporting this series, it was revealed that Air Pollution Control District advisory board member and Lompoc City Councilmember Ashley Costa also worked in public relations for Santa Maria Energy, an obvious conflict of interest. Reporter Karen Pelland discovered that the president of a company proposing to slant drill from Vandenberg Air Force Base to get to the vast Tranquillon Ridge offshore reserve made significant political contributions to now-Congressman John Garamendi (D-Walnut Creek). Garamendi had previously scuttled a deal between environmentalists and PXP oil company for the same reserve that was hailed as a landmark proposal at the time.
Solv-Ex Corp., a tiny New Mexico company, claims to have the technology to extract oil from tar sands at half the current cost. If successful, the company could unlock one of the world's biggest untapped oil reserves and significantly reduce U.S. dependence on foreign imports. however, after 15 years of trying, the company has earned no profits, generated no sales and produced no oil. It has, however, developed a flair for raising money, particularly form company's stock by international swindlers ultimately uncovered the biggest mutual fund scandal of the year. Solv-Ex was a central figure in the scandal that rocked London's Morgan Grenfell Asset Management and led to the firing of prominent fund manager Peter Young and others. (March 22 - December, 1, 1996)