October 31, 2013 By Wayne Lusvardi Monterey Shale California increased its revenues last year by $8 billion a year, through passing the Proposition 30 and Proposition 39 tax increases. Texas has added even more to its revenues, but did so a different way. The fracking boom added $28.6 billion in revenues to the Texas state budget during the last three years, or $9.3 billion a year. Yet it’s a Los Angeles-based oil company, Occidental Petroleum, which owns 1.2 billion barrels of oil (or its equivalent) in Texas’ Permian Basin . Sixty percent of Oxy’s oil and gas extraction comes from carbon dioxide flooding, which is used when water injection and pumping no longer works. Oxy has successfully used C02 hydraulic fracturing of rock — called fracking — in the Permian Basin in Texas since 2011, when the West Texas Intermediate benchmark crude oil price went over $100 per […]