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Around The Valley: Visalia Jobs Saved / Kern Oil Price Down By Half / Lodi Loses Jobs

December 15,2014

US Senate Passes Omnibus Bill Saving Visalia Jobs

On Saturday the US Senate passed the omnibus spending bill insuring no government shutdown.President Obama has said he will sign the bill. Among the riders in the bill is the ‘Expatriate Health Coverage Clarification Act of 2014’’ that insures Cigna will not shutdown their US offices including in Delaware and in Visalia California where they employ 700

Screen Shot 2014-11-04 at 11.16.28 AMKern Oil Down By Half Since January

MidwaySunset Oil from California’s largest oil field in Kern County is likely to fall below $50 a barrel December 15 ,half of its value at the first of the year. Chevron says they paid $51 a barrel as of Friday as the price of California crude has been falling in tandem with west Texas crude.This oil field holds approximately 18% of California’s estimated reserves, 532 million barrels.

The drop may be good news for most consumers but Kern County, the state’s top oil producer looks to lose big time. A Kern media report says Kern County stands to lose millions of dollars in property tax revenues if the price of oil continues to fall. “Oil has fallen from $99 a barrel down to $72 yesterday, which is a huge drop,” said Kern County Assistant Assessor Anthony Ansolabehere on Thursday. The price on Jan 1,2014 for a barrel of Kern County crude Midway Sunset was $99 a barrel and has continued to fall, most of that drop in the last six months. “It’ll affect the county’s assessed (property) values, that’s going to drop billions of dollars off the assessed value,” said Ansolabehere. That translate into millions of dollars off the county property tax rolls.”

Another report says “Kern County faces around a $30 million dollar budget deficit in the next fiscal year if the precipitous drop in the price of crude oil persists, a country analyst said Friday.”

Lodi Loses General Mill Cereal Plant

Looks like you are not eating enough cereal these days  with the loss this month of a Lodi landmark, the General Mills plant that has been part of the fabric of this Valley town since 1948. Some 430 jobs at the plant will be lost when it closes this year.General Mills had a 25 percent drop in its most recent quarterly sales.U.S. cereal sales were a $13.9 billion market in 2000 but fell to $10 billion by 2013 and could go as low as $9.7 billion this year. Modesto Bee reported” Increasingly, Americans are looking for healthy, portable breakfast items that require little preparation, spurring cereal industry analysts to coin a new term, “snackfast,” to describe breakfast.”

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