Most of the Monterey formation in California does not contain oil reserves.
Based on our drilling results, our view is that the oil has migrated out of the formation and is now found in pockets outside of the Monterey shale,’ said Kurt Glaubitz, a spokesman for San Ramon, California-based Chevron, the second-biggest U.S. oil producer.The inflated estimate of oil reserves appears to have been done by a contractor that was shilling for fracking. In 2013, the Postcarbon Institute published a detailed report that debunked the incredible estimates of enormous amounts of oil in the Monterey formation. Apparently the federal government has independently reached the same conclusion. The federal government is now cutting its estimates of recoverable oil by 96%, reports the LA Times.
Federal energy authorities have slashed by 96% 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.
California Fracking Moratorium Blogathon: May 20-May 23, 2014
Diary Schedule - All Times Pacific
5:00 pm: Blogathon announcement diary - CA Fracking Moratorium Blogathon: SB 1132 in Suspense! by boatsie.
1:00 pm: If Texans can't live with fracking, Californians can't either by Txsharon and Jhon Arbelaez.
1:00 pm: citisven. Letterman passes fracking torch, Colbert blows it up. SB1132 Blogathon gets comic relief!
10:00 am: HipHopTC.
Our Daily Kos community organizers are Patriot Daily News Clearinghouse, boatsie, rb137, JekyllnHyde, citisven, peregrine kate, John Crapper, Aji, and Kitsap River, with Meteor Blades serving as the group's adviser.
Please tweet all diaries posted during the day, adding the hashtag #SB1132. Feel free to link to your Facebook pages, and remember to republish each diary to your DK Groups. You can also follow all postings by clicking this link for the Climate Change SOS Blogathon Group. Then, click 'Follow' and that will make all postings show up in 'My Stream' of your Daily Kos page. Graphic Credit: 350.org.