Forgot your password?
typodupeerror
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."
This discussion has been archived. No new comments can be posted.

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

Comments Filter:
  • Who the heck (Score:3, Informative)

    by Herbster (641217) on Thursday May 22, 2014 @03:20AM (#47063609)
    Proofread this horrendous summary? Have a little chat with yourself.
  • Re:Who the heck (Score:4, Informative)

    by phantomfive (622387) on Thursday May 22, 2014 @03:45AM (#47063695) Journal

    The important point is, they are cutting the estimate by 96% of recoverable oil.

    Wow, it says that right in the title. I guess headlines are too much trouble for me tonight.

  • by geogob (569250) on Thursday May 22, 2014 @04:43AM (#47063875)

    From TFA :
    The reserves were downgraded by 96 percent, from 13.7 billion barrels estimated by a government-funded report in 2011, to just 600 million barrels, the EIA said.
    Absolute values help put things into perspective.

    Or do we need more perspective? For those who prefer the typical journalistic approach to understanding numbers, it's a reduction from 872'000 Olympic pools to just under 37'200 Olympic pools.

  • by Isaac-1 (233099) on Thursday May 22, 2014 @07:11AM (#47064339)

    Where does this myth of slave labor pay in the oil industry come from? I live on the gulf coast in the middle of the U.S. petrochem region and the recent resurgence of U.S. oil exploration has lead to insane levels of job growth and prime pay for those lucky enough to work in the major petrochem plants. I was recently shocked by the reality of this at an extended family event at Easter, where I saw one of my wife's cousins, he is 23 years old, married with 2 young kids, and has a 2 year degree from local trade school and he makes over $100,000 per year doing shift work as an operator at one of the plants.

  • by dave420 (699308) on Thursday May 22, 2014 @07:48AM (#47064511)
    The US is #3 behind China and the EU in terms of amount of power generated from renewable sources, and is #112 in terms of percentage of renewable power being used in its grid (at slightly over 10%, just ahead of Kazakhstan). So that's probably where "us guys" get that perception from - reality.
  • Yeah, right (Score:1, Informative)

    by Anonymous Coward on Thursday May 22, 2014 @07:48AM (#47064513)

    From this administration, there's certainly no ulterior motive for saying that there's less oil than there really is...............yeah, right. They hate fossil fuels and will do anything and everything that they can to downplay and denigrate it.

  • Re:Good. (Score:5, Informative)

    by ShanghaiBill (739463) on Thursday May 22, 2014 @09:00AM (#47064929)

    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.

    It is already being tapped. California produces more oil than any other state except Texas and North Dakota. It is even slightly ahead of Alaska. Here's the data [eia.gov].

  • Re:Good. (Score:4, Informative)

    by whistlingtony (691548) on Thursday May 22, 2014 @01:35PM (#47068251)
    The names changed through history, and you know that. The "southern democrats" that you are referencing were folding into the Republican party a long time ago, and you know it. You're just doublespeaking.

"The chain which can be yanked is not the eternal chain." -- G. Fitch

Working...