The whole energy independence is getting more unlikely. Shale oil boom in US has pretty much played out since the estimate for Monterey Shale formation (contain 2/3 of US shale reserve) has been reduced by 96%.
Meanwhile most shale oil companies are relying on junk bonds to finance their operations which is only sustainable if near zero interest environment continues. It's pretty much another bubble in the most classic sense.
Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California's vast Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum..
Just 600 million barrels of oil can be extracted with existing technology, far below the 13.7 billion barrels once thought recoverable from the jumbled layers of subterranean rock spread across much of Central California, the U.S. Energy Information Administration said.....
Meanwhile most shale oil companies are relying on junk bonds to finance their operations which is only sustainable if near zero interest environment continues. It's pretty much another bubble in the most classic sense.