Cautious PXP Confidence

California’s Legislative Analyst Calls Revenue Projections “Overly Optimistic”

California’s Legislative Analyst concluded that PXP’s proposed Tranquillon Ridge offshore oil development — slated for off the coast of Pt. Conception — “merits legislative approval,” but cautioned that Governor Arnold Schwarzenegger and other champions of the plan are “overly optimistic” when it comes to the project’s revenue projections. PXP has claimed the project could generate as much as $1.8 billion during 14 years. Citing the state’s fiscal crisis, Schwarzenegger has sought — unsuccessfully — to win legislative support for what would be the first new offshore oil development approved in California since 1969. The PXP deal has driven a painful wedge between many local environmentalists — who supported the deal based on a basketful of concessions — and statewide activists, who contend the concessions are unenforceable and that the deal sets a dangerous precedent for more coastal oil development. The deal has emerged as a major fault line in the primary battle between rival Democrats Das Williams and Susan Jordan, now running for the 35th District Assembly seat. Williams has supported the deal; Jordan has vigorously opposed it. The two signed a clean-campaign agreement this past week, agreeing to refrain from negative attacks on their opponents. In addition, the candidates have reportedly pledged to hold interested third parties accountable for negative campaigning.

To submit a comment on this article, email or visit our Facebook page. To submit information to a reporter, email

event calendar sponsored by:

Montecito Pushes Back on Streamlined Rebuild Process

Not so fast with fast-track rebuilding, leaders tell the county

St. George Files Suit Against Gelb for Unpaid Debt

Pair of Isla Vista landlords in legal tussle over property sales costs.

Thousands of Plaintiffs Added to Refugio Oil Spill Case

Litigation follows footsteps of 1969 Union Oil spill attorneys.

Push Comes to Shove Between Law Enforcement and Mental Health

County supervisors confront too many needs with not enough money.

Helicopter Hits Electrical Wires, Starts Small Fire

A crop duster hit power lines in Ellwood Canyon.