Long Beach City Council scales back project wish list in response to lower oil prices

February 4, 2015

The city has to scale back the projects it funds with oil profits, at least for now, council members decided Tuesday.

With the commodity hitting a six-year low last week of $44 per barrel, the City Council voted 7-0 Tuesday to create a way to prioritize projects in the coastal improvements budget, which assumes oil trades at $100 a barrel.

The benchmark is clearly not safe for the near future, city officials warned.Long Beach City Council scales back project wish list in response to lower oil prices