California is one of the only oil-producing states that has failed to benefit from the U.S. shale oil boom. Here's why:
Scores of oil pumps in the Kern River Oil Field, with rolling hills covered by haze in the background.This week I am creating slides for a presentation I am giving in California later this month. While researching the material, I took a closer look at the history of California's oil industry.Many people are unaware about California's importance in the U.S. oil industry. In fact, 100 years ago California was the top oil producer in the U.S., responsible at one point for nearly 40% of U.S.
Since 2010, U.S. oil production has increased by 131%, with huge gains in oil production in the following states :Oklahoma - up 238% However, the EIA later slashed its estimate of recoverable oil in the Monterey Shale by 96% to just 600 million barrels. There are several reasons for this.
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