There was a time, just a few years ago, that most news reports deemed a shale oil boom inevitable in California. But now, it’s not looking like such a sure thing after all.
Articles: Monterey Shale (7)
Most climate activists believe that talking about limitations on fossil fuel supplies hurts their argument for swift, decisive action on climate change. Nothing could be further from the truth.
Hopes of a shale bonanza to replace dwindling conventional resources took a battering this week.
The great Monterey Shale oil myth got its start back in July 2011 when the EIA stapled a cover on a contractor-produced “study” that it paid for entitled Review of Emerging Resources: U.S. Shale Gas and Oil Plays.
It turns out that the oil industry has been pulling our collective leg. The pending 96 percent reduction in estimated deep shale oil resources in California calls into question the premise of a decades-long revival in U.S. oil production and predictions of American energy independence.
On May 21 the Los Angeles Times reported that “Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California’s vast Monterey Shale deposits...”
Oil companies are increasing California’s earthquake risk by injecting billions of gallons of oil and gas wastewater a year into hundreds of disposal wells near active faults around Los Angeles, Bakersfield and other major cities, according to a new report from Earthworks, the Center for …