Thursday, February 21, 2013

The New New Thing: California's Monterey Shale, the Next Oil Boom?

Thousands of feet below some of the nation's most fertile farm land could be 15.4 billion barrels of crude oil.  Billion, with a "B", at least according to the folksd at CNBC.

The federal government believes the Monterey Shale, which lies under more than 1,750 square miles of central and southern California, has far more shale oil than anywhere else in the lower 48 states — nearly four times the amount of the Bakken Shale in North Dakota.   But this is California. Nothing is easy. Accessing the oil will require hydraulic fracturing, better known as fracking, and even then it may be too expensive to be economical. Oil companies are quietly buying up mineral rights and drilling holes in the earth northwest of Bakersfield to see if they can get lucky….

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