70% of US Shale Oil Reserves Disappear in Flash of Smoke
70% of US Shale Oil Reserves Disappear in Flash of Smoke
By Louis Sahagun/Los Angeles Times / latimes.com
May 22, 2014

70% of the US shale oil "reserves" are, or were, located in the Monterey Formation in California... but it looks like someone got a bit overoptimistic in their estimates: "Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California’s vast Monterey Shale deposits, deflating its potential as a national “black gold mine” of petroleum. Just 600 million barrels of oil can be extracted with existing technology, far below the 13.7 billion barrels once thought recoverable from the jumbled layers of subterranean rock spread across much of Central California, the U.S. Energy Information Administration said. The new estimate, expected to be released publicly next month, is a blow to the nation’s oil future and to projections that an oil boom would bring as many as 2.8 million new jobs to California and boost tax revenue by $24.6 billion annually." Ooops. 

0.0 ·
0
Trending Today
87 Deeply Subversive Documentaries That Challenge the Status Quo
Films For Action4,058 views today ·
Joanna Macy on How to Prepare Internally for WHATEVER Comes Next
Joanna Macy2,587 views today ·
How Modern Imperialism Creates Famine Around the World
Eric Draitser2,327 views today ·
How Swedes and Norwegians Broke the Power of the ‘1 Percent’
George Lakey1,573 views today ·
The White Man in That Photo
Riccardo Gazzaniga1,464 views today ·
Where the Term "Redneck" Came From
15 min1,401 views today ·
Your Lifestyle Has Already Been Designed (The Real Reason For The Forty-Hour Workweek)
David Cain1,131 views today ·
The Human Future Depends On All of Us Becoming Designers
Daniel Quinn837 views today ·
This Facebook Comment About the UK Election Is Going Viral
Chris Renwick779 views today ·
Load More
What's Next
What I've Learned About U.S. Foreign Policy (2000)
118 min
Johnny Knoxville: Detroit Lives
36 min
The Witness (2000)
43 min
Like us on Facebook?
70% of US Shale Oil Reserves Disappear in Flash of Smoke