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EIA Cuts Monterey Shale Estimates on Extraction Challenges
May 21, 2014
The Energy Information Administration slashed its estimate of recoverable reserves from California's Monterey Shale by 96 percent, saying oil from the largest U.S. formation will be harder to extract than previously anticipated.
"Not all reserves are created equal," EIA Administrator Adam Sieminski told reporters at the Financial Times and Energy Intelligence Oil & Gas Summit in New York today. "It just turned out it's harder to frack that reserve and get it out of the ground."
The Monterey Shale is now estimated to hold 600 million barrels of recoverable oil, down from a 2012 projection of 13.7 billion barrels, John Staub, a liquid fuels analyst for the EIA, said in a phone interview. A 2013 study by the University of Southern California's Global Energy Network, funded in part by industry group Western States Petroleum Association, found that developing the state's oil resources may add as many as 2.8 million jobs and as much as $24.6 billion in tax revenues.
(Source)
Comment: Andrej Lobaczewski and the Polish professors who witnessed the Nazis and later the Soviets come into their institutions and indoctrinate whole generations of students with propaganda must be turning in their graves. The origins of political ponerology come full circle as Poland falls ever deeper into a spellbound coma, this time induced by "not quite conspecific people" in the West...