Monterey Shale Estimate Cut by 96%

[Skybird]

The U.S. Energy Information Administration (EIA) on Wednesday cut its estimate of recoverable oil in California's Monterey shale by 96 percent, casting doubt on what was once thought to be America's next major energy play. The deposit composes 2/3rds of the total shale reserves in the US. Even though estimates in 2011 put the estimated recoverable oil at 13.6 billion barrels, while this update puts the estimate at 600 Million, the daily output is not expected to be impacted in the near future. "Not all resources are created equal," EIA head Adam Sieminski said.


http://www.finanzen100.de/finanznach...8669605_67939/

[STEED]

Same sort of thing happen here.

Day 1 big headlines vast some of shale gas and oil in south of England.

Day 2 small article buried deep in the newspaper over estimated the amount of gas and oil and the cost would not be worth it.

[Catfish]

WHich brings me to what about the oil gains done by fracking, in the US. Is the oil already flooding the market, like predicted ?

[Wolferz]

Originally Posted by Catfish

WHich brings me to what about the oil gains done by fracking, in the US. Is the oil already flooding the market, like predicted ?

Wot!?
Where's the money in that?
The trickle down theory is being used to keep the price of oil artificially inflated to produce maximum gains so all those other oil producing nations can keep buying our weaponry and other luxury goods.

Atlas be shrugging while he twerks.

[Dread Knot]

Originally Posted by Catfish

WHich brings me to what about the oil gains done by fracking, in the US. Is the oil already flooding the market, like predicted ?

Last I heard, 50% of the domestic crude production in North Dakota gets pumped directly into Miley Cryrus' hair follicles and is never seen again.

[Catfish]

[Skybird]

http://www.bloomberg.com/news/2013-1...year-high.html

^ That was half a year ago.

Since then, several legend investors like Warren Buffet have cast doubt son the hopes fgor shale gas becoming the hoped-for success story, and refused to invest in it. Also, since summer or autumn last year, oil companies' investments into fracking have seen dramatic reductions that have mostly went unnoticed by public media - which instead focussed on stories about Saudi Arabia feeling threatened by the coming flooding of the oil market with American oil.

I always expected the fracking outlook to be exaggerated, but to nevertheless being able to provide a substantial outlook at least for Amerian energy demands. But I was thinkling baout cuts in numbers and perspectives by maybe one half or so.

A reduction of expectations - for profitable oil production - by 96% from is praxctically a game chnager and outs the whole thing into question. Possibly a bubble blown up to size intentionally to fetch the cream from investors' money and then trying to get out of Dodge with the prey.

[GilligansBoat]

Originally Posted by Dread Knot

Last I heard, 50% of the domestic crude production in North Dakota gets pumped directly into Miley Cryrus' hair follicles and is never seen again.

That was one of the best comments i've ever read