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The economy of the State of California is the largest in the United States, with a $4.080 trillion gross state product (GSP) as of 2024. [1] It is the largest sub-national economy in the world.
The additional California oil fields—along with booming oil supplies in Texas from Spindletop—resulted in another surplus of oil reaching the market, again impacting the price of the commodity. With the accelerated oil drillings, the price of oil in the 1920s fell from $28 per barrel to below $10 per barrel. [ 18 ]
California Statewide is the tenth economic region. The California Economic Strategy Panel uses employment and wage information reported by employers, along with these regions, for public policy-making, planning, and program administration. [ 1 ]
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After 1900, California continued to grow rapidly and soon became an agricultural and industrial power. The economy was widely based on specialty agriculture, oil, tourism, shipping, film, and after 1940 advanced technology such as aerospace and electronics industries – along with a significant military presence.
The US Forest Service administers 20 million acres or approximately one-fifth of California's landscape. Sierra Pacific Industries, based in Redding, California, owns and manages roughly 1.4 million acres (5,700 km 2) of forestland in California, making it the largest private forest owner in the state.
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The California oil and gas industry has been a major economic and cultural component of the US state of California for over a century. Oil production was a minor factor in the 19th century, with kerosene replacing whale oil and lubricants becoming essential to the machine age.