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America's Saudi Arabia-Sized Oilfield May Not Be What We Originally Thought

Anyone that thought California was on the precipice of another gold rush thanks to the Monterey shale's absolutely absurd amount of oil is probably a little discouraged right now. Despite there being over 400 billion barrels of oil in place there, the U.S. Energy Information Administration has recently revised its total economically recoverable barrels to only 600 million. This could be a major blow to Occidental Petroleum's (NYSE: OXY  ) plans to spin off its California business segment into a standalone business considering the amount of money it has dedicated to unconventional shale.

Find out why the EIA has cut its prospects for the Monterey shale by over 95% recently and how that will affect California's oil prospects in the future by tuning into the conversation between contributor Tyler Crowe and Motley Fool Energy bureau chief Joel South in the video below. 

3 stock picks to ride America's energy bonanza
Record oil and natural gas production is revolutionizing the United States' energy position. Finding the right plays while historic amounts of capital expenditures are flooding the industry will pad your investment nest egg. For this reason, the Motley Fool is offering a look at three energy companies using a small IRS "loophole" to help line investor pockets. Learn this strategy, and the energy companies taking advantage, in our special report "The IRS Is Daring You To Make This Energy Investment." Don't miss out on this timely opportunity; click here to access your report -- it's absolutely free. 

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Tyler Crowe

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