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Add comment on:Energy officials downgrade Monterey Shale oil reserves by 95.6%
The oil industry's contention that the expansion of fracking in California will create thousands of jobs and inject billions of dollars into the economy was completely dispelled on May 20 when the federal Energy Information Administration (EIA) confirmed new estimates for US shale oil reserves, reducing its previous estimate for technically recoverable oil in the Monterey Shale from 13.7 billion barrels of oil to just 0.6 billion barrels of oil. Photo of Governor Jerry Brown courtesy of Damien Luzzo.
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