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GasBuddy News Article

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California could be next oil boom state

CNN Money -- California is sitting on a massive amount of shale oil and could become the next oil boom state. But only if the industry can get the stuff out of the ground without upsetting the state's powerful environmental lobby.
Running from Los Angeles to San Francisco, California's Monterey Shale is thought to contain more oil than North Dakota's Bakken and Texas's Eagle Ford -- both scenes of an oil boom that's created thousands of jobs and boosted U.S. oil production to the highest rate in over a decade.

In fact, the Monterey is thought to hold over 400 billion barrels of oil, according to the U.S. Geological Survey. That's nearly half the conventional oil in all of Saudi Arabia.

"Four hundred billion barrels, that doesn't escape anyone in this businesses," said Stephen Trammel, energy r


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Submitted Jan 14, 2013 By: bar1035
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REPLIES (newest first) Post a Reply
LetemEatCake
Champion Author Oklahoma City

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Message Posted: Jan 16, 2013 10:18:23 PM


Interesting article Bar1035...thanks for posting.
Bonanza
Champion Author Boston

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Message Posted: Jan 15, 2013 5:06:21 AM

It will never happen
mrjames1818
Champion Author New Jersey

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Message Posted: Jan 15, 2013 4:48:43 AM

Terrific - more earthquakes - people in Nevada are going to have oceanfront property if they start this fracking in Calif
WR-INC
Champion Author Twin Cities

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Message Posted: Jan 15, 2013 4:25:23 AM

If they defeat bringing it to us, they deserve their higher prices.
stratlinetime
Champion Author Kalamazoo

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Message Posted: Jan 15, 2013 4:24:34 AM

This is going to be a tough one
jci25946
Champion Author Tampa

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Message Posted: Jan 15, 2013 4:24:29 AM

CA treehuggers won't let that happen!!!!!
singlemom27
Champion Author Ventura

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Message Posted: Jan 15, 2013 4:22:07 AM

Please go easy on it...the California coast needs to be preserved.
BANZAI56
Sophomore Author Columbus

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Message Posted: Jan 15, 2013 4:14:34 AM

Not with all the tree huggers out there.
joko0
Champion Author New Jersey

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Message Posted: Jan 15, 2013 4:11:11 AM

Good stuff
HA4CNN
Champion Author Toronto

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Message Posted: Jan 15, 2013 4:09:36 AM

If the oil is really there the oil companies will extract it.
Bruno44
Champion Author Texas

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Message Posted: Jan 15, 2013 4:08:13 AM

Good points by RENEGADEGAS.
RENEGADEGAS
Champion Author Missouri

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Message Posted: Jan 15, 2013 4:05:01 AM

This will never happen in California. To many greenie weenies, liberals and Governor Brown. Its no wonder why record numbers of businesses are packing up and moving into Nevada and New Mexico as well as taxpaying citizens. California is on a bad path right now.
TIGERPAW46
Champion Author Florida

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Message Posted: Jan 15, 2013 4:04:54 AM

Good maybe they Can gain enough tax from the industry to get out of debt.
No? That's right they will probably have to exempt them from taxes to increase alleged jobs & give them state & federal grants to open business in Ca.

[Edited by: TIGERPAW46 at 1/15/2013 4:07:23 AM EST]
lgwhitlock
Champion Author Chico

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Message Posted: Jan 15, 2013 4:03:30 AM

We certainly need the infusion of cash to jump start the state to better times after the last decade...
FrankTA2
Champion Author New York

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Message Posted: Jan 15, 2013 4:02:43 AM

Excellent!!!
abacus44
Champion Author Toms River

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Message Posted: Jan 15, 2013 4:00:31 AM

Not any time soon!
VB_Richard
Champion Author Virginia Beach

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Message Posted: Jan 15, 2013 3:59:35 AM

California could use the extra funding.
jcurley
Champion Author California

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Message Posted: Jan 15, 2013 3:57:28 AM

@prius22 - you are wrong. CA is the *ONLY* state that does not have an oil/gas extraction tax (Alaska is 20%). This is another reason why the state has a huge deficit - republicon giveaways to their corporate masters.
chuckwthompson
Champion Author Charlotte

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Message Posted: Jan 15, 2013 3:56:23 AM

It doesn't matter how much oil we have if you continue to export OUR refined gasoline to other countries!
jcdakota
Champion Author Baltimore

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Message Posted: Jan 15, 2013 3:52:45 AM

Environmentalists field day- try to touch that oil, even though the freeways are full of gas guzzling cars.
prius22
Champion Author Twin Cities

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Message Posted: Jan 15, 2013 3:51:46 AM

They will pay high taxes to do it to.
afghaned
Champion Author Ottawa

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Message Posted: Jan 15, 2013 3:42:30 AM

We've gone from oil drought to oil flood yet world prices have increased as if e are running dry.
SteveMartin
Champion Author New Orleans

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Message Posted: Jan 15, 2013 3:36:19 AM

Those pin head liberals will stop this.
JagXKR
Champion Author British Columbia

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Message Posted: Jan 15, 2013 3:34:33 AM

But the eco terrorists said we would run out of oil by 2020 or 2030 or maybe it was 2050 or perhaps ......
Blossomize
Sophomore Author Oregon

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Message Posted: Jan 15, 2013 3:33:24 AM

OK...fun to drive, and necessary. But, sometimes we just need to walk. Think of the future of your grandkids. We are using the earth! I walk.
heydano67
Champion Author California

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Message Posted: Jan 15, 2013 3:31:41 AM

Has fracking the Bakken or Eagle Ford deposits dropped oil prices
wally52
Champion Author Little Rock

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Message Posted: Jan 15, 2013 3:29:19 AM

If we are # 1 producer, then why is gas prices so high.
Double_Golden
Champion Author San Francisco

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Message Posted: Jan 15, 2013 3:28:51 AM

not going to happen, no chance it will go through the EPA...
sjhman
Veteran Author Atlanta

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Message Posted: Jan 15, 2013 3:28:16 AM

Makes sense
mightyace
Champion Author Tennessee

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Message Posted: Jan 15, 2013 3:28:09 AM

California the next oil boom state, when pigs fly!
badharley
Champion Author Tampa

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Message Posted: Jan 15, 2013 3:24:40 AM

If you want lower prices start drilling.
Retowered
Champion Author Colorado

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Message Posted: Jan 15, 2013 3:23:10 AM

I am afraid California won't let it happen.
HawaiianGuy
Champion Author Idaho

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Message Posted: Jan 15, 2013 3:17:41 AM

Are you kidding? California, land of fruits and nuts? There is NO way the EnviroNuts are going to let this happen. None. Nada. Zip.
gaspumpin
Champion Author Indiana

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Message Posted: Jan 15, 2013 3:12:35 AM

California will go bankrupt before they allow this. They need to get their heads out of the sand!!
fcdriver
Champion Author Tennessee

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Message Posted: Jan 15, 2013 3:08:57 AM

could be interesting
findcheap
Champion Author Los Angeles

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Message Posted: Jan 15, 2013 3:07:26 AM

this is a clean state. plus, it takes little or no oil extraction taxes, unlike other states. leave it clean!
goldseeker
Champion Author West Virginia

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Message Posted: Jan 15, 2013 3:05:30 AM

Let the rape begin.
The_DR
Champion Author New Jersey

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Message Posted: Jan 15, 2013 3:04:23 AM

Which way to the refinery dude?
Ahking
Champion Author Orange County

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Message Posted: Jan 15, 2013 2:55:33 AM

it's about time.
ricebike
Champion Author New Jersey

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Message Posted: Jan 15, 2013 2:52:55 AM

taxes will still be too high over there...
RENEGADEGAS
Champion Author Missouri

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Message Posted: Jan 15, 2013 2:51:04 AM

The greenie weenies and the governor will never allow it.
erikk77
All-Star Author Washington

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Message Posted: Jan 15, 2013 2:50:02 AM

vulcan96,

"What have we got here, a F#@#ing comedian!"
iFueler
Champion Author Durham

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Message Posted: Jan 15, 2013 2:49:32 AM

with new technology, RECOVERABLE oil is being found in lots of places.............
Happytalk
Champion Author Pennsylvania

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Message Posted: Jan 15, 2013 2:48:07 AM

good luck
bobdec
Champion Author Miami

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Message Posted: Jan 15, 2013 2:45:01 AM

They need it
vulcan96
Champion Author Ohio

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Message Posted: Jan 15, 2013 2:45:01 AM

maby fracking there will cause them to slide into the ocean...
SkooterG
Champion Author Phoenix

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Message Posted: Jan 15, 2013 2:44:26 AM

Good luck in California.
nurdco
Champion Author Colorado Springs

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Message Posted: Jan 15, 2013 2:40:03 AM

Environmental Tax is coming
Chargette
Rookie Author California

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Message Posted: Jan 15, 2013 2:37:41 AM

The oil companies are brazen hussies. I wonder what kinds of seismic activity might be triggered by changing the underground pressure in that part of the state, which the San Andreas fault runs under.

From what the article said about the presence of folded shale, it sounds like there are areas that can be drilled with traditional methods. I think that would be pursued before trying to tackle the environmentalists of California with fracking.

If the third method developed takes hold (using acids to break underground rock), fracking may disappear.
BEngr
Champion Author Illinois

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Message Posted: Jan 15, 2013 2:35:41 AM

It will never happen, California is a state where the environmental groups are in control. They would rather have people pay higher utility bills to use more wind and solar power to produce electricity. Oh did I forget to mention it costs more per kilowatt to produce electricity from these energy sources.
camel1
Champion Author Minnesota

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Message Posted: Jan 15, 2013 2:33:54 AM

Why not? Cali must have recoverable reserves like other oil states seem suddenly have.
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