The “drill baby drill” fools were and are energy illiterate. I knew years ago from theoildrum that Monterey shale was messed up from earthquakes, so they can’t use shale extraction techniques that they use in North Dakota.
The promise of fracking in California’s large Monterey Shale deposits was intoxicating: 13.7 billion barrels of oil, as estimated by the U.S. Energy Information Administration, were recoverable with existing technology, enough to bring 2.8 million new jobs to the state and boost tax revenue by $24.6 billion per year.
But the independent firm hired to evaluate the shale back in 2011 made the very incorrect assumption that the Monterey deposits would be as easy to tap as those in North Dakota and Texas — and that turns out not to be the case. A new, revised estimate slashes that promise by 96 percent, putting the amount of recoverable oil at only 600 million barrels.
The L.A. Times, which first reported the news, calls it “a blow to the nation’s oil future” — the Monterey shale contains about two-thirds of the nation’s shale oil reserves:
2/3 of the countries shale reserves — GONE! Somebody tell Sean Hannitard.
Oil is the master resource. People believe in Peak Oil back in 2008 when oil went to 147 a barrel, then went back to sleep, dreaming of Saudi America.
The crash is still on, people.
Alice Friedemann makes the case for a fast crash here, in a podcast show with James Howard Kunstler.
Our electricity went out yesterday and I tried out my Kelly Kettle. That thing works like a champ! You can boil water for coffee or tea AND cook at the same time, adn all the fuel you need is paper or twigs, which are in abundance.
In a fast crash, the survivors inherit the earth. I remember hearing in a podcast, I think the C-Realm Podcast, John Michael Greer, the Archdruid, complaining that he was at a peak oil/transition town type conference and people were hoping for a fast crash and a mass die-off.