“The U.S. shale oil ‘miracle’ took a major hit Wednesday, when the federal government announced a hefty downward revision of its estimate of the amount of recoverable oil in the No. 1 shale reserve in the U.S.: the Monterey formation in California. A recently as this week, the much-publicized Monterey formation accounted for nearly two-thirds of all technically recoverable U.S. shale oil resources, standing at a world-class 13.7 billion barrels. But on Wednesday, that estimate was downgraded to a mere 600 million barrels, or 96% lower than the day before. This takes the Monterey from one of the world’s largest potential fields to supplying the U.S.’s oil needs for a mere 33 days.”
http://www.marketwatch.com/story/dream-of-us-energy-independence-was-just-revised-away-2014-05-22
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