Excelaron’s proposed oil exploration and drilling project will bring much-needed economic growth opportunities and job creation to San Luis Obispo. Currently the County’s unemployment rate stands at 10.6 percent and the County budget faces severe cuts. Excelaron’s project in the Huasna Valley will bring jobs and revenue to the County and result in very little impacts to the neighboring community.
Excelaron’s project represents an ongoing investment in the community. Since its founding in 2006, Excelaron, LLC has spent substantial time and financial resources to navigate the regulatory permitting process necessary to pursue oil exploration and drilling. Once it receives the permits, Excelaron will continue to grow its staff and its local investment to meet the needs of its exploration and production activities.
Increasing Tax Revenue
Early forecasts suggest that the project will create over $100,000 in annual local tax revenue. This revenue is roughly distributed as follows: 24 percent to the County’s general fund, 60 percent to our community’s school districts, and the balance to a variety of recipients (e.g., Cities, Air Pollution Control District, Community Service Districts, County Fire Departments). The County budget shortfall was $30 million for the 2009-10 fiscal year, and is estimated to suffer from another $19 million gap for the 2010-11 budget. Only through increased economic growth, new revenues, and restored employment levels will the County budget begin to stabilize.
Creating Local Jobs
Excelaron’s project has already expended resources and will continue to spur the creation of good-paying, quality jobs in the local community. The following is an estimate of the project’s job creation capabilities to date and into the future:
Additional Benefits
In addition to the direct benefits through job creation and increased tax revenue, the local community will also benefit from the various contributions that Excelaron will make to local funds. For example, Excelaron has committed over $1.2 million to pay for local road improvements, and will pay $57,000 to the Wildlife Conservation Board or other related organizations for oak tree planting projects in San Luis Obispo County. These contributions, among others, are part of Excelaron’s commitment to creating positive growth and opportunities for the region.