ApocaDocs: U.S. officials cut estimate of recoverable Monterey Shale oil by 96 percent

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Posted Thu May 22 2014: from Los Angeles Times:


	U.S. officials cut estimate of recoverable Monterey Shale oil by 96 percent http://apocadocs.com/s.pl?1400769565 Federal energy authorities have slashed by 96 percent 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.

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'Doc Michael says:

A minor miscalculation.