California’s Illusive Gas Shale Deposits of “Black Gold”

“After years of talking about it, we are finally poised to control our own energy future.” Obama in 2013 State of The Union address.

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

You will not find any corporate politician or mainstream media outlet that will discuss the significance of the Monterey shale oil downgrade. The oil industry itself tries to brush off the significance of this downgrade by the EIA.

“Monterey was a huge field wiped out with a stroke of a pen: That’s like two Bakkens off the table in one fell swoop,” Hughes said. “You’re going to have a whole slew of poorly producing wells in a decade or so. The good news is that supply grows short term, but the bad news is that we may have a very serious supply issue 10-15 years out.”

The American people need to be made aware that the oil and gas fracking industry will not deliver on its promises of a jobs boom that will foster a manufacturing renaissance and deliver higher tax receipts. The economics of fracking just does not add up.

”The U.S. Oil industry is also due to spend $2.8 trillion by 2035 just to stay even whereas the Middle East, for example, will spend a third less, produce three times more in the same time. So it can only be done with zero per cent interest rates and free money.”

(globalresearch.ca  Edited by Topco)