Green California to Vie With Texas as U.S. Oil Heartland: Energy – Bloomberg 12-19-12

Salient to Investors:

California has a good chance of emerging as the nation’s top oil producer in the next decade.

The EIA says the Monterey shale formation could hold 15.4 billion barrels of oil, or 64 percent of all estimated US shale oil reserves.

Fracking has found trillions of cubic feet of gas and billions of barrels of oil in the US.

Fracking can consume as much as 6 million gallons per completed well.

The National Research Council concluded that fracturing has a low risk for inducing earthquakes that can be felt by people, but underground injection of wastewater produced by hydraulic fracturing et al has a higher risk of causing such earthquakes.

In North Dakota, the average oil worker earns $90,000 a year.

Read the full article at http://www.bloomberg.com/news/2012-12-19/green-california-to-vie-with-texas-as-u-s-oil-heartland-energy.html.

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