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First, the oil price war earlier this year and then pandemic-related stay-at-home orders caused a decline in demand and cut CRC's market value. By the time the bankruptcy was filed in mid-July, CRC’s share prices had plunged 92% in the past 12 months. Unfortunately, by the time it filed for bankruptcy, nearly half of its 17,500 wells sat idle. Production had all but stopped from the tidelands of Long Beach and Huntington Beach to the sprawling Elk Hills oil field. The bankruptcy filing is another blow to the state of California’s already distressed economy. CRC had about 1,250 California based employees at the beginning of 2020, according to U.S. Securities and Exchange Commission filings. It is also one of Kern County’s top property taxpayers.  Kern County, however, is listed in the bankruptcy paperwork as an unsecured creditor and is owed more than $25 million by CRC. The company also owes $24 million to the State of California's Geologic Energy Management Division, or CalGEM, due by Aug. 15. -------------------------------------------------- Have a story you want USA Herald to cover? Submit a tip here and if we think it's newsworthy, we'll follow up on it. Want guaranteed coverage? We also offer contract journalism here.  Just be sure you're comfortable giving up editorial control, because our journalists are dogged and will follow the story through to it's conclusion. The story will be published to our exacting standards, without regard for your preferred slant. Want to contribute a story? We also accept article submissions -- check out our writer's guidelines here.