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Monterey Shale No Longer a National “black gold mine” of Petroleum

photo: LA Times

Federal energy authorities have cut the estimated amount of recoverable oil buried on California’s Monterey Shale deposits by 96%.  With current technology, only 600 million barrels of the estimated 13.7 billion barrels can be extracted from the 1,750 square – mile area.

Containing 2/3 of the nation’s shale oil reserves, it was assumed that the deposits in the Monterey Shale formation would be as easily extracted as other shale formations thus triggering an oil boom in Central California – increasing jobs and tax revenue.

LA Times

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