Shale Oil Reserve In California Could Be Larger Than The Bakken One In North Dakota
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You would think that if California had a shale oil reserve larger than the one in North Dakota, the Democrats would be jumping at that chance to create good paying jobs and new tax revenue. Unfortunately, I doubt much if any drilling will take place here in California to get at the massive oil reserve. From NBF:
The Monterey/Santos oil field in California is estimated to four times the technically recoverable oil as the Bakken Oil Field in North Dakota.
The Monterey field is also estimated to have 500 billion barrels of oil in place The Bakken oil field oil in place estimates range from 271 billion to 503 billion barrels (average estimate of 413 billion barrels).
Harold Hamm (billionaire owner of Continental oil) estimates the Bakken oil field will produce six times (24 billion barrels) the oil of the EIA estimate. Harold Hamm also believes that the San Joaquin Monterey California fields are the next big horizontal drilling play.
There is new technology for drilling which will further reduce the costs (by two thirds or more) and increase the speed of horizontal oil drilling.
Why would Democrats want to create jobs in a proven industry when they can spend billions of dollars on a high speed rail system that no one wants and that will be at tax payer expense?
HT: Instapundit
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