Energy officials downgrade Monterey Shale oil reserves by 95.6%
by Dan Bacher
Oil industry representatives have continually claimed that the expansion of fracking for oil in California will lead to the creation of many thousands of jobs and the influx of billions of dollars to the economy, but these claims were exposed as false when federal Energy Information Administration (EIA) officials downgraded Monterey Shale reserves by 95.6 percent on May 20.
In her recent blog, Catherine Reheis-Boyd, President of the Western States Petroleum Association and former Chair of the Marine Life Protection Act (MLPA) Initiative Blue Ribbon Task Force to create so-called "marine protected areas" in Southern California, touted the jobs bonanza that would supposedly be created by expanded fracking. (http://www.wspa.org/blog/post/moratorium-legislation-does-not-make-sense-california
Editors note: Update. Santa Cruz County in California triumphed Tuesday to become the state’s first county to ban fracking. The county’s board of supervisors voted to prohibit fracking, as well as gas and oil development within its boundaries.
"Senate Bill 4 created a pathway to transparent environmental protections while balancing the need to meet California’s energy demands and create valuable, much-needed jobs in the San Joaquin Valley," said Reheis-Boyd.
"A study produced by the California State University, Fresno found that hydraulic fracturing in the San Joaquin Valley’s Monterey Shale Formation could grow personal income by as much as $4 billion while creating more than 195,000 new jobs. In addition to these localized opportunities, the entire state will benefit from increased domestic energy production," gushed Reheis-Boyd.