updated 3/24/2011 7:17:55 PM ET 2011-03-24T23:17:55

WHITTIER, Calif., March 24, 2011 (GLOBE NEWSWIRE) -- At Tuesday night's City Council meeting, Whittier Chamber of Commerce Vice-President, Ginny Ball, announced that the Chamber had formally endorsed the Whittier Main Field Oil Project, citing the multiple benefits of the project.

After careful study, the Chamber concluded that "...Whittier has a unique opportunity to use its natural resources to better its financial position in a way that will positively affect our community now as well as the lives of generations of Whittierites to come."

The Chamber represents almost 600 businesses in the City of Whittier. In analyzing the project, the Chamber looked at how it would affect the business community. They concluded the Whittier Oil project would benefit the entire community through:

  • Creating jobs in Whittier;
  • Providing desperately needed revenue to replace sales tax dollars from the loss of numerous car dealers and other businesses, as well as the potential loss of Redevelopment Funds; and
  • Helping to create an image that Whittier is "booming," which will serve to attract new business and activity throughout the City.

Additionally, the Chamber believes the City will receive indirect benefits in terms of sales by Whittier restaurants and other businesses to employees and contractors engaged in the project. Also, revenue received from this project could be used for needed police and other emergency and protective services as well as infrastructure improvements and community services that will benefit both residents and businesses.

"Matrix Oil is honored to have been endorsed by the Whittier Chamber of, Commerce," said Mike McCaskey, Executive Vice President of the Matrix Oil Corporation. "We look forward to meeting their high expectations."

CONTACT: Jennifer Forkish
         (213) 741-1500

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.43%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com