The Fracking 'Will Save America' Myth Dealt Death Blow: Size of 'Super, Duper' Monterey Shale Formation Downgraded by 96%

Photo by greensefa.

By Dylan and Jo Murphy
The myth of American energy independence from fracking has been dealt a huge blow by the downgrade of recoverable oil from the Monterey shale formation. The U.S. Energy Information Administration (EIA) has slashed its estimate of oil reserves from the Monterey shale formation by a massive 96%.

In 2011 the EIA released a report that reviewed US shale oil and gas reserves. It stated that the largest shale oil formation in America was the Monterey play in Southern California. The report estimated that the Monterey shale formation held 15.5 billion barrels of oil or 64% of total U.S. shale oil reserves.

California's vast shale deposits were labelled ''black gold'' due to this forecast. On the basis of this rosy review the University of California produced a report forecasting millions of new jobs and billions in extra tax revenues.

Such academic reports have played a part in encouraging the media frenzy that has tried desperately to promote fracking to the American people as a clean, safe industry that will create jobs, foster a renaissance in manufacturing industry, increase tax revenues and help America be independent of supplies from its geopolitical enemies.

On top of this, American imperialism is using these inflated claims for its energy reserves to advance its geopolitical interests. The Obama administration are using the crisis in Ukraine to put pressure on their puppet allies in the EU to wean themselves off Russian gas and buy American fracking gas in the future...

Reality Check

If we put industry propaganda to one side, the reality is that this downgrade represents a huge blow to the fracking industry. Not only them, but also to the capitalist politicians in Congress, who put such great hopes on oil and gas from fracking. 

Read More