The latest target of the unconventional oil craze is California, specifically the Monterey Shale in southern California (see map). Will California become the next North Dakota? Let us ponder.
Oil in California is nothing new — it’s the third highest oil-producing state in the U.S. (after Texas and North Dakota, which recently displaced Alaska for the No. 2 spot). The Monterey area has been drilled for years, profitably, though production has been steadily declining since its peak in the mid ’80s.
However, as you’ve no doubt read in recent breathless media accounts, drilling technology has advanced.
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