U.S. Business: Wealth for a Riviera

California, that land of anomalies, imports 36% of its crude oil while the continent's largest proven reservoir of untapped oil sits untouched under the harbor and waterfront of Long Beach. The size of this pool—1.2 billion bbl.—has been certain for four years, but Long Beach ordinances forbade drilling inside the city and the city fathers disagreed with the state over the division of royalties. Finally, last fall, the drilling laws were relaxed and a split finally agreed on: 85% for California, 15% for Long Beach.

Last week oilmen jammed into the Long Beach city council chambers to bid for the right to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!