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Perhaps one of the more overlooked aspects of the International Energy Agency’s (IEA) recent World Energy Outlook 2012 and its detailed analysis of the US hydrocarbon potential, is the dilemma facing California.
California has committed to renewable energy, and aims to get a third of its electricity from renewable sources by 2020; and it is this ‘green’ stance which could now threaten the development of a giant shale oil field.
According to the IEA report the Monterrey Formation in Southern California has 15.4 billion barrels of recoverable crude oil, more than four times the volume available from the Bakken formation in North Dakota.
The IEA wrote in their report: “The idea that fossil fuels will fade from the scene seems more preposterous every day. Instead of getting left behind in this new era, the Golden State could – and should – lead the way.”
Related Article: How Big a Role Will Shale Gas Play in America’s Energy Future?
Business Insider claimed that the San Diego Tribune published an editorial asking California Governor Jerry Brown to help push for the development of the giant shale formation.
An auction is planned for the 12th of December, in which more than 17,000 acres will be available for shale companies to bid on.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com