New offshore oil drilling could be making a comeback soon in California because of an agreement made by state leaders to save the state from bankruptcy. The last time any new offshore oil drilling was allowed off the coast of California was back in 1969. To me it's strange to hear the words offshore oil drilling in California while at the same time there is a Democratic Congress and President in charge in Washington. However, while most parts of the United States are in a deep recession right now - in California financial matters are much worse. In fact, the State of California has been paying some of it's creditors with IOU's instead of cash and those IOU's will not have any tangible value until October at the earliest. While there are no bread lines in California that I know of, for a practical matter California state government could be described as being in a depression if that term was judged by the amount of money the state takes in compared to the amount it must spend.

California Offshore Drilling