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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."
The point is moot. Liberals don't want even 1 drop of it removed from the ground. They would rather it leak out into the Pacific like it does near Santa Barbra. So it would not matter if it was 1/10 or even 10 times the size. The luddites think its icky and we can all just use windmills. Don't ask me how they think they'll ever get a jet off the ground using solar, but I don't think they've even thought that far into it.