Friday, May 31, 2013

Frak Me! The Monterey Shale Could Have Up to 15.2 BILLION Barrels of Oil

It's easy to tick off the ways in which California is a leader in clean energy: It harvests more solar energy than any other state, has a program to curb greenhouse gas emissions from the vehicles on its famously long highways, and launched its own cap-and-trade system this year.

And yet, a move is afoot for a quite different type of new energy development in the Golden State, beneath the same valley that beckoned gold seekers and migrant farmers generations ago. That ever alluring land happens to lie atop the Monterey shale formation, a vast rock formation that is believed to hold one of the world's largest onshore reserves of shale oil.

Oil companies are seeking to stake their claim to this prize, plunging California into a debate on its energy and economic future. The U.S. trailblazer on renewable energy could well become the latest front in the nation's fracking-driven oil boom.

It's not yet clear whether hydraulic fracturing can unleash the same sort of oil rush in California's Monterey shale as the United States is now seeing in North Dakota and in Texas. The San Joaquin Valley, site of historic tension over river flow, aquifer-pumping, and irrigation, is a dubious location for a business that requires large volumes of water to fracture the underground rock.

As for the rock itself, it is deeper and thicker than other shales, formed by tectonic faulting millions of years ago. Today the geology's potential and risks are still not fully understood. But perhaps the biggest obstacles are above ground, as California grapples with questions fundamental to its identity. Should the state move aggressively to seize this new opportunity for jobs and industrial development, or take steps to preserve its remaining havens of undeveloped land and shun a new round of fossil fuel expansion?

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