Yes, there's oil and gas in "them thar hills," and there've been at least a half-dozen Oil Rushes in the Santa Cruz Mountains.
Results were usually marginal, but sometimes they made money.
Before you adopt the local wisdom that "there's not enough oil in these hills to make it pay," you should know the history.
Each time improved technology or transportation intersected with a higher price, the drillers came to town.
They're back and they know the history. You should too.
From Sandy Lydon's Central Coast Secrets, #25, 4.2.13, by Sandy Lydon