The California shale bubble just burst

Saturday, May 24th 2014 - 00:37 UTC

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The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) – the statistical arm of the Department of Energy – has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96%. Its previous estimate pegged the recoverable resource in California’s shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels available. Read full article

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cornelius
We have texas, wyoming, north dakota, pensilvania ,oklahoma, new york colorado, montana so california is out.
May 24th, 2014 - 04:09 am - Link - Report abuse 0
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