This segment is from Thursday's edition of 'Digging for Value', in which sector analysts Joel South and Taylor Muckerman discuss energy & materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays & Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.

After opening the state of California up to practice of hydraulic fracturing in September, Governor Jerry Brown moved to appease both sides of the argument this week. He stated that a study, which could take up to 18 months, is to be conducted to determine the possible environmental effects fracking could have on the state of California. In the following video, Motley Fool analyst describes why the allowance of fracking for shale oil would be a major advantage for refiners like Phillips 66 (NYSE: PSX), Tesoro Corp (NYSE: TSO) and Valero Energy (NYSE: VLO). Tune in below. 

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Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.