Truth Out - Energy Information Administration officials told reporters on Wednesday that they are cutting their estimate of how much oil can be drawn out of California's massive Monterey Shale formation by a whopping 96 percent.
The news deals a serious blow to the fracking industry...
In 2012, the federal officials estimated that 13.7 billion barrels of oil could be recovered from the Monterey Shale. The EIA now says that only 600 million barrels of oil can be recovered using existing technologies ...Please continue reading at Truth Out
