County Shaken By Oil’s Downturn

The people who handle Kern County’s finances say they’re concerned about sustained $40 oil, but also say they’re not hitting the panic button yet.

County Administrative Analyst Allan Krauter says the county built its nearly $2.9 billion budget on $54 crude oil.

“For this year’s budget, the oil price drop doesn’t mean a whole lot, but it may mean that we have to re-open the budget,” he said.

Krauter says oil makes up about 30 percent of the county’s tax revenue, which was about $137 million last fiscal year.

– Anthony Pollreisz