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The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]
The California oil and gas industry has been a major economic and cultural component of the US state of California for over a century. Oil production was a minor factor in the 19th century, with kerosene replacing whale oil and lubricants becoming essential to the machine age. Oil became a major California industry in the 20th century with the ...
In 2015, total system electric generation for California was 295,405 gigawatt-hours (GWh), down about 0.5 percent from 2014's total system electric generation of 297,062 GWh1. California's in-state electricity production was down by 1.5 percent at 196,195 GWh compared to 199,193 GWh.
From 1954 to 2023, federal offshore tracts produced 21.4 billion barrels (3.4 × 10 9 m 3) of oil and 195 trillion cubic feet (5.5 × 10 12 m 3) of natural gas. In recent years, the Gulf of Mexico alone accounted for about 15% of all domestic oil production and 2% of domestic natural gas production. Despite some fluctuations due to new deep ...
According to the Energy Studies Review the western world oil demand decreased 15% between the years 1973 and 1982. In the same time period the major oil companies went from a production in the crude oil market of 30 to 15.2 million barrels (4.8 to 2.4 million cubic metres), a decrease of nearly 50%.
Californian Governor Arnold Schwarzenegger issued Executive Order S-1-07 on January 19, 2007, to enact a low-carbon fuel standard (LCFS). [14] [15] The LCFS requires oil refineries and distributors to ensure that the mix of fuel they sell in the Californian market meets the established declining targets for greenhouse gas (GHG) emissions measured in CO 2-equivalent grams per unit of fuel ...