The amount of oil available from the largest shale formation in the United States was overstated by 96%, according to the U.S. Energy Information Administration. The L.A. Times revealed last week that an independent contractor’s previous estimate of 13.7 billion barrels of recoverable oil would be downgraded to 600 million barrels, enough to meet U.S. consumption for only 32 days. Climate Progress said the revised estimated dealt “a major blow to industry projections about a new oil-boom future.” (h/t to Brian Gauspohl and David Herron for sharing this story)
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