As Oil Prices Drop, Cities Feel Financial Hit

Way before people were striking it rich in Silicon Valley, a different wave of millionaires got minted in another California industry -- oil. For a time the L.A. area was gushing with the stuff. So too the Central Valley. While output isn't nearly as much as it once was, governments in those areas still rely on oil revenue to help balance the books. But the recent plunge in oil prices means some bills might not get paid. Hear more from the California Report's Los Angeles bureau chief Steven Cuevas.