Monterey Shale Downgraded

May 28, 2014 at 11:11 am Leave a comment

In an article released this evening the Los Angeles Times reports that the U.S. Energy Information Administration (EIA) has drastically reduced its estimate of recoverable oil in California’s Monterey shale formation from 13.7 billion barrels to just 0.6 billion barrels—a reduction of over 95%.

The perception of an impending oil boom has dominated energy policy discussions in California since the release of a 2011 report by the EIA which had estimated up to 15.4 billion barrels of recoverable tight oil—64% of the nation’s total—in the state’s Monterey shale formation.

Read the Post Carbon Institute press release here.

 

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Entry filed under: Business, Energy, Peak_Oil.

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