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United States Earth Power

US Officials Cut Estimate of Recoverable Monterey Shale Oil By 96% 411

Posted by samzenpus
from the I-drink-your-tiny-milkshake dept.
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."
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US Officials Cut Estimate of Recoverable Monterey Shale Oil By 96%

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  • by SuricouRaven (1897204) on Thursday May 22, 2014 @03:27AM (#47063637)

    I predict that before a week has passed, someone will be claiming Obama personally rigged the study as part of a deliberate attempt to sabotage the oil industry.

  • Re:Good. (Score:5, Funny)

    by SpankiMonki (3493987) on Thursday May 22, 2014 @05:08AM (#47063963)

    The point is moot. Libruls don't want even 1 drop of it removed from the ground..

    FTFY

  • Re:Good. (Score:1, Funny)

    by kick6 (1081615) on Thursday May 22, 2014 @10:47AM (#47066019) Homepage

    This isn't about ludditism. This is about what year is it? We can fly the planes on biofuels, but we should replace all air within a nation with high-speed rail. Which we should fucking have already, because what year is it? We should be running our planes on biofuels already, because what year is it? We've had solar panels since the 1970s and they could repay their energy investment in seven years back then. Now it's three. What year is it?

    Repeating an italicized catch phrase doesn't make a cohesive argument. What it makes...is shitty mainstream hip-hop music.

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