Entrepreneurs in California were pioneers of the American oil industry in the 19 th and the beginning of the 20 th century. One of the oldest still producing oil fields in the U.S. is located in the Golden State in which in 1901 the Midway-Sunset field was discovered. California was one of the pillars of American energy security. That, however, has changed due to declining production. Since its peak in 1985, production has plunged almost 60 percent to 460,000 barrels per day. Next to this, the Golden State’s oil reserves have declined 25 percent to 2.2 billion barrels. This reversal doesn’t only impact the state’s economic situation, but also its position towards foreign producers who are increasingly required to supply the necessary oil. California’s demise as an essential producer of hydrocarbons is especially staggering due to the transformation of the American fossil fuel industry. The shale revolution has propelled […]