The US shale oil “miracle” has about as much believability left as Jimmy Swaggart. Just today, we learned that the EIA has placed a hefty downward revision on its estimate of the amount of recoverable oil in the #1 shale reserve in the US, the Monterey in California. As recently as yesterday, the much-publicized Monterey formation accounted for nearly two-thirds of all technically-recoverable US shale oil resources. But by this morning? The EIA now estimates these reserves to be 96% lower than it previously claimed. Yes, you read that right: 96% lower. As in only 4% of the original estimate is now thought to be technically-recoverable at today’s prices: EIA Cuts Monterey Shale Estimates on Extraction Challenges The Energy Information Administration slashed its estimate of recoverable reserves from California’s Monterey Shale by 96 percent , saying oil from the largest U.S. formation will be harder to extract than previously anticipated. “Not […]