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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."
So you're saying that you support expensive energy, and further with that creating misery for those who can't afford cheap energy? If Obama was really looking towards the future he'd be open arms on nuke plants, but he isn't.
Om, nomnomnom...
The goal is not to make money for a few, but to produce wealth for the people. That requires energy, which fossil fuels will be incapable of providing in the future no matter the cost. There is no intrinsic value in money, and markets/legislation do not produce energy.
There is an unfortunate disconnect between business/economics and reality which desperately needs to be bridged. Only sane energy policy based in reality can rescue us from a truly dismal future. (Sane is recognizing that wind and solar are only capable of serving a small niche, and reality dictates that the bulk of energy must come from nuclear. Those fighting nuclear are only serving the interests of coal, which is the only practical alternative.)