Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

EIA Trillion Dollar Monterey Shale Estimate Cut By 96%, US Shale Oil Cut By 2/3

steam_cannon (1881500) writes | about 5 months ago

0

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.

News Sources:
http://www.latimes.com/busines...
http://www.businessinsider.com...

Discussions:
http://peakoil.com/forums/mont...

Additional References:
"Monterey Shale...Comprising two-thirds of the United States’s total estimated shale oil reserves" (2013)
http://www.nytimes.com/2013/02..."

Sorry! There are no comments related to the filter you selected.

Check for New Comments
Slashdot Login

Need an Account?

Forgot your password?