California Could Be the Next Shale Boom State
Posted on January 22, 2013
California has Saudi Arabia-scale oil resources, notably in its largely untapped Monterey shale field, which stretches northeast for more than 200 miles from Bakersfield in central California. New technologies, especially smart, horizontal drilling and hydrofracturing, aka “fracking,” make that oil accessible, and cleanly.
The U.S. Energy Information Administration estimates that the Monterey shale field alone holds 15.4 billion barrels of oil, rivaling America’s total conventional reserves.
Do the math: The overall economic benefits of opening up the Monterey shale field could reach $1 trillion. One can only imagine the impact on California’s education system, social programs, infrastructure, and even energy-tech R&D.
Moreover, with that kind of revenue, Sacramento tax collections could wipe out debt and deficits.
http://online.wsj.com/article/SB10001424127887323353204578128733463180210.html