California's Fracking Bailout

A report by the University of Southern California says the Golden State could reap staggering economic benefits if it allowed energy companies to use fracking to tap the enormous Monterey Shale oil deposits. Doing so would generate $4.5 billion in additional annual tax revenues by 2015, a number that would rise to an astounding $24 billion in new state and local taxes annually by 2020.

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