Economic Benefits
Our California business is to search for and produce oil and natural gas which is then used entirely in California. We are a local, real world example of reducing our dependence on imported oil and associated greenhouse gas and toxic emissions.
California imports 69% of the oil it consumes. It arrives in oil tanker ships from Saudi Arabia, Ecuador, Iraq, Kuwait and other foreign nations that emit hundreds of thousands of tons of pollutants and greenhouse gases. Locally produced oil directly offsets those emissions and reduces the demands on L.A. County’s port system.
- We are one of the area’s largest members of the local business community and among the larger taxpayers in the region. Currently nearly 80 people are directly employed by our operations in the region, alongside an additional 100 to 150 contractors who support Sentinel Peak Resources’ operations.
- The economic impact of the oil industry throughout LA County, including the Inglewood Oil Field, supports more than 14,000 jobs. This includes royalty owners and both direct and indirect related jobs. The result is an estimated $2.9 billion in total output and more than $620 million in state and local tax revenues.1
- Sustained production from the Inglewood Oil Field and other Southern California oil fields in particular play an irreplaceable role in meeting residents energy needs, and in supplying raw materials for countless products that comprise our healthy standard of living. From plastics, to asphalt paving, to beauty products and medicines, petroleum products support our very lifestyle. The men and women of Sentinel Peak Resources are proud to supply this essential California resource.
- 426 well workovers (including reworking of wells) were performed in 2015.
1 Source: Los Angeles County Economic Development Corporation report dated Oct 2019 “Set Back Requirements on Oil & Gas Production: Economic Activity at Risk in Los Angeles”
