EIA Monterey Shale write-down invalidates frackademic Considine’s predictions

A little more than a week ago the Orange County Register ran a column by Timothy Considine, the director of the Center for Energy Economics and Public Policy at the University of Wyoming arguing against a ban on hydraulic fracturing in California. Considine claims that fracking in the Monterey Shale could add 557,000 jobs per year and increase the state domestic product by $63 billion. While Considine’s numbers look compelling, they are based on a wild overestimate of the recoverable oil from the Monterey formation. Five days after Considine’s column ran, the Energy Information Administration reduced its estimate of recoverable oil from the Monterey Shale by 96%.

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