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The shale oil scam

Posted by Richard640 @ 22:20 on September 30, 2014  

Fracking the US – Monterey Shale’s 96% downgrade blows the scam

Dylan Murphy & Jo Muphy

19th June 2014

The US’s drive to become a top global oil and gas exporter by fracking has been blown wide open by a 96% write-down of California’s Monterey Shale – meant to hold two thirds of the US’s shale oil. How long before the whole enterprise is exposed as a monstrous Ponzi scheme? But the myth of American energy independence from fracking has been dealt a huge blow by the downgrade of recoverable oil from the Monterey Shale formation.

The US Energy Information Administration (EIA) has slashed its estimate of oil reserves from the Monterey shale formation by a massive 96%.

This field was meant to contain 64% of US shale oil

In 2011 the EIA released a report that reviewed US shale oil and gas reserves. It stated that the largest shale oil formation in America was the Monterey play in Southern California. The report estimated that the Monterey Shale formation held 15.5 billion barrels of oil or 64% of total US shale oil reserves.

http://www.theecologist.org/News/news_analysis/2442482/fracking_the_us_monterey_shales_96_downgrade_blows_the_scam.html

 

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.