About 24 billion barrels of "technically recoverable" oil is trapped in the Lower 48 states, it said, more than half of that in a California basin that has thus far been less successful than booming frontiers in North Dakota and Texas.
With shale oil, the United States has an estimated 114 billion barrels of recoverable resources, excluding Alaska and offshore reserves. But, by comparison, proven deposits are a much smaller 20.7 billion barrels.
"A lot of things such as price and future technology will determine how much shale oil actually gets out of the ground," Matt Marshall, senior energy analyst at Bentek Energy, told Reuters.
To access a complete copy of this article, please visit www.upstreamonline.com