Thursday, May 22, 2014

Write-down of two-thirds of US shale oil explodes fracking myth

Nafeez Ahmed: "Next month, the US Energy Information Administration (EIA) will publish a new estimate of US shale deposits set to deal a death-blow to industry hype about a new golden era of US energy independence by fracking unconventional oil and gas.

EIA officials told the Los Angeles Times that previous estimates of recoverable oil in the Monterey shale reserves in California of about 15.4 billion barrels were vastly overstated. The revised estimate, they said, will slash this amount by 96% to a puny 600 million barrels of oil."

Benefits of #publictransit and true costs of driving in a cute video