The California Legislative Analyst's Office (LAO), a non-partisan fiscal policy advisory team to state officials, argues in a new report that the California legislature should approve oil and gas drilling in the state's offshore lands. The proposal, known as Tranquillon Ridge, would permit drilling in state waters via a production platform located in federal water off the Santa Barbara coast. LAO's report suggests that production royalties from Tranquillon Ridge would help the state close its current budget gap.