Oil in California is nothing new — it’s the third highest oil-producing state in the U.S. (after Texas and North Dakota, which recently displaced Alaska for the No. 2 spot). The Monterey area has been drilled for years, profitably, though production has been steadily declining since its peak in the mid ’80s. However, as you’ve no doubt read in recent breathless media accounts, drilling technology has advanced. Two techniques have been combined: hydro-fracturing, whereby fluids (a mix of water, sand, and chemicals) are injected into drill holes to break open tight rock formations, allowing liquid fuels to seep out; and horizontal drilling, whereby drills can travel laterally from drill sites, sometimes miles, allowing a single drill site to cover vastly more area. This is the “fracking” you’ve heard so much about. It puts all kinds of previously inaccessible fossil fuels within reach, albeit expensively. (Oil seems stuck near $100 a barrel, though; with prices that high, all kinds of crazy schemes are economic.)