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US Officials Cut Estimate of Recoverable Monterey Shale Oil By 96%
First time accepted submitter steam_cannon (1881500) writes "The U.S. Energy Information Administration (EIA.gov) is planning to release a major 96% reserve downgrade to the amount of oil and gas recoverable from the Monterey Shale formation, one of the largest oil/gas reserves in the United States. After several years of intensified exploration the Monterey oil shale play seems to have much less recoverable oil and gas then previously hoped. This is due to multiple factors such as the more complex rippled geology of the shale and over-hyped recovery estimates by investors. By official estimates the Monterey Shale formation makes up 2/3 of the shale reserves in the US and by some estimates 1/3 of all crude reserves in the US. Not a drop in the bucket. Next Month the EIA.gov will be announcing cutting it's estimates for Monterey by 96%. That's a huge blow to the US energy portfolio, trillions of dollars, oil and gas the US might have used for itself or exported. Presently the White House is evaluating making changes to US oil export restrictions so this downgrade may result in changes to US energy policy. As well as have a significant impact on US economy and the economy of California."
This is due to multiple factors such as... ...the hatred of the oil industry by the current administration.
Politics are firmly in every other science now, no reason not to expect they play a large role in this report also - so take it with a very large grain of salt.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Oh noes! That would make driving more expensive! Can't have that - I'd rather wait until my McMansion in the 'burbs is way underwater and I can't afford to drive any more. Detroit, here I come! Until then, happy motoring! Oh and James Howard Kunstler doesn't exist.
thegodmovie.com - watch it
Exactly. This is in California? It's less likely to be recoverable than ANWAR, if only because the greenies would never let it be tapped because of NIMBY.
#naabhaprzrag, #sverubfr-000, #agi-fcbafberq, negvpyr[pynff*=' negvpyr-ary-'] { qvfcynl: abar !vzcbegnag; }
So would I. It would be kind of nice to be alive past 2200AD to see that.
"I do not agree with what you say, but I will defend to the death your right to say it"