Fracking Concerns -- It's Not Over Yet -- California Experience

Monterey County, California --

Venoco LLC apparently has spent upwards of $10 million to develop some oil and gas leases --

Venoco dropped those plans due to fracking lawsuits:

An application by a Santa Barbara County company to drill up to nine exploratory oil and gas wells on three parcels off Jolon Road, a couple of miles west of Highway 101 near Bradley, was withdrawn before an appeal could be heard Wednesday by the Monterey County Planning Commission.

Venoco LLC told county planners Tuesday it would drop its bid to drill the wells, and the commission merely voted to put the company's decision into the record. Venoco won approval in September 2010 for the exploratory wells in a potentially new field from the county zoning administrator.

If I were Venoco, I know how I would play this, but I will keep my thoughts to myself. This is not rocket science.

Anyway, so much for the possibility of California maintaining its number 2 or 3 spot in oil production.