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Some of the most productive oil and gas acreage ever discovered lie in the Los Angeles basin, creating unique opportunities and challenges.
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In 2010, crude oil made up about 50% of California's energy sources. In the United States, that percentage amounted to about 37%. The global consumption of crude oil makes up 35% of the energy resources.
Crude oil is a vital source of energy in the transportation sector, making up about 93% of the United State's transportation fuels.
In California, the state consumed about 619 million barrels in 2012. Out of that, about 391 million barrels were shipped in from outside of California. Only about 228 million barrels of oil came directly from California production.
In the United States, about 19 billion barrels of oil were consumed in 2011. About 8 billion barrels a year came from foreign oil imports. Only about 10 billion barrels of oil came from United States' production.
Crude oil is a reliable, affordable, and viable energy source that makes up more than 6,000 products.
The Oil and Gas industry supports about 9.6 million American jobs. At Signal Hill Petroleum, we believe we must use all viable domestic sources of energy. We will operate with a conscious effort to be energy efficient and conserve as much energy as we can. We believe that crude oil will continue to play an important role in our energy future; therefore, we need to continue domestic oil production.