Extracting oil and gas from the California formation could bring the state economic prosperity — or it could be an environmental disaster.
"Eureka!" reads the California motto, originated in the 19th century Gold Rush. Now some believe the state is on the cusp of a 21st century bonanza, only this time it will be oil that fuels a Golden State boom.
Modern prospectors are
eyeing the Monterey Shale formation, a 1,750-square-mile resource-rich
swath of land in the San Joaquin Valley. Lying deep beneath the valley's
surface is a trove of shale oil — some 15.42 billion barrels' worth,
according to an estimate by the U.S. Energy Information Administration.
If that proves true, the Monterey formation holds the equivalent of 64% of America's total shale oil reserves. A recent study by USC predicts that a Monterey Shale boom could add $4.5 billion in tax revenue to state coffers and 2.8 million California jobs by 2020, and would turn the state into the nation's leading oil producer.
If that proves true, the Monterey formation holds the equivalent of 64% of America's total shale oil reserves. A recent study by USC predicts that a Monterey Shale boom could add $4.5 billion in tax revenue to state coffers and 2.8 million California jobs by 2020, and would turn the state into the nation's leading oil producer.
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