There Is A Shale Oil Field Under Santa Barbara Four-Times Bigger Than The Bakken

 

In the wake of the International Energy Association's extremely bullish report about America's hydrocarbon potential, the San Diego Union Tribune has published an editorial calling on California Gov. Jerry Brown to tap the state's mammoth shale oil resources.

How big are they?

According to the EIA, the Monterey Formation, which covers an enormous chunk of Southern California and terminates near Santa Barbara, has 15.4 billion barrels of recoverable crude — four times as much as the Bakken formation in North Dakota.

On Dec. 12, the Bureau of Land Management will begin auctioning off more than 17,000 acres in the formation.

The problem is, California has committed to getting a third of its energy from renewable sources by 2020, the paper writes.

So the state risks getting left behind as the rest of the world dives into shale, it says.

They write: "[T]he idea that fossil fuels will fade from the scene seems more preposterous every day. Instead of getting left behind in this new era, the Golden State could – and should – lead the way."