California is working to develop standards that would allow hydraulic fracturing of the state's Monterey Shale formation, a move that could yield $24.6 billion in state and local taxes by the end of the decade, according to one analysis. A preliminary version of the rules released in December has support from oil companies but is opposed by environmentalists. The regulations are "totally inadequate for protecting public health and the environment," said Andrew Grinberg of Clean Water Action.

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