Recoverable Monterey Shale Oil Reserves Slashed By 96%
Bad news for those peak oil deniers who had hoped for a bright future with endless supply of shale oil. US authorities downgraded by 96% the estimated amount of recoverable oil buried in California’s vast Monterey Shale deposits, deflating its potential as a national “black gold mine” of petroleum. The Monterey Shale formation contains about two-thirds of the nation’s shale oil reserves. So, not 13.7 billion barrels are recoverable but merely 600 million.
We repeat: Peak Oil 2018.