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Feds downgrade Monterey Shale oil reserves by 95.6 percent

Jayni Foley Hein, former director, Center for Law, Energy & the Environment | May 21, 2014

The U.S. Energy Information Administration (EIA) is reducing its previous estimate for technically recoverable oil in California’s Monterey Shale from 13.7 billion barrels of oil to just 600 million barrels of oi l— a dramatic 95.6 percent reduction. Has the oil industry been chasing rainbows in search of illusive “black gold” Monterey oil? For years, … Continue reading »