United States shale oil output is set to surge over the next five years as drillers recover rapidly from a three-year slump, the International Energy Agency said, sharply upgrading its previous growth forecasts. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output in order to battle a global glut materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.
California's Department of Water Resources released a new NASA report showing land in the San Joaquin Valley is sinking faster than ever before, nearly 5 centimeters per month in some locations, as Californians continue pumping groundwater in response to a historic drought.
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.
By. Nick Cunningham of Oilprice.com - The U.S. Environmental Protection Agency published a rule on January 9, 2014 requiring oil and gas companies using hydraulic fracturing off the coast of California to disclose the chemicals they discharge into the ocean. Oil and gas companies have been fracking offshore California for perhaps as long as two decades, but they largely flew under the radar until recently.