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Page added on January 16, 2019

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Art Berman: Exposing The False Promise Of Shale Oil

Art Berman, geological consultant with over 37 years experience in petroleum exploration and production, returns to the podcast this week to debunk much of the hopium currently surrounding America’s shale oil output.

Because the US is pinning huge hopes on its shale oil “revolution”, so much depends on that story being right. Here’s the narrative right now:

  • The US, is the new Saudi Arabia
  • It’s the swing producer when it comes to influencing the price of oil
  • The US will be able to increase oil production for decades to come
  • New technology is unlocking more oil shale supply all the time

But what if there’s evidence that runs counter to all of that?

We’re going to be taking a little victory lap on this week’s podcast because The Wall Street Journal has finally admitted that shale oil wells are not producing as much as the companies operating them touted they would produce — which is what we’ve been saying for years here at PeakProsperity.com, largely because we closely follow Art’s work:

The Wall Street Journal did some research and they got the general point that the wells are not as good as advertised.

But what they missed is just how much farther off many of these reserves are than even the discounted reserves that they’ve reported.

Bottom line: if the understatement is only 10%, that’s a rounding error and it’s not that much of an issue to the average person. But I’ve been trying for a decade to get the number that I independently develop to get anywhere close to the published numbers. In most cases, I can only get near 60% or 70% of them. So, the gap, I think is much more substantial.

The reason that The Wall Street Journal didn’t get it more right is because they don’t do any independent research and of course they didn’t talk to me, they didn’t talk to Dave Hughes, they didn’t talk to people who actually do the work, and so they’re getting one side of the story.



105 Comments on "Art Berman: Exposing The False Promise Of Shale Oil"

  1. I AM THE MOB on Fri, 18th Jan 2019 9:51 pm 

    Putin’s trust rating has reached a historic low

    https://www.novayagazeta.ru/news/2019/01/18/148477-vtsiom-reyting-doveriya-putinu-dostig-istoricheskogo-minimuma

  2. makati1 on Fri, 18th Jan 2019 10:22 pm 

    Trans: “33.4% of Russians trust President Vladimir Putin, while 62.1% of respondents approve of his work. This is evidenced by the results of a telephone survey of VTsIOM conducted from January 9 to 13.

    To study the trust rating, respondents are asked to name an unlimited number of politicians whom they would “entrust the solution of important state issues”. To study the approval rating, they are asked if they support the work of a particular politician.

    Although the VTsIOM website contains data only since 2006, the head of the center, Valery Fedorov, previously noted that Putin’s confidence rating reached a historic low in March 2005 after replacing in-kind benefits with monetary compensation and then was 45%.

    Thus, in January 2019, the indicator, as Dozhd notes, reached a historic low since Putin assumed the presidency in 2000.

    At the same time, Putin continues to lead the trust rating with a margin: he is followed by Defense Minister Sergei Shoigu (13.7%), Foreign Minister Sergei Lavrov (9.3%), LDPR Party leader Vladimir Zhirinovsky (9.3%) and the Prime Minister Dmitry Medvedev (8.3%).

    On January 18, he also published the results of a survey on the dissatisfaction of the government’s work, the Public Opinion Foundation (FOM). According to him, in the last month, the actions of the Cabinet caused dissatisfaction among more than half of Russians, 54% of respondents, and an even larger number of people, 70%, heard criticism from acquaintances addressed to him.”

    “… 62.1% of respondents approve of his work”

    Trump could only hope for such high numbers.

    Trumps current approval rating is about 44%.

    https://projects.fivethirtyeight.com/trump-approval-ratings/

    Hypocrisy, the American’s avoidance of reality.

  3. Cloggie on Sat, 19th Jan 2019 4:25 am 

    I understand that eventually we are going to have to get closer to 1BIL instead of 7BIL but I am not interested in a final solution like you are. You would like to see people of color wiped of the planet. I am just realistic about the planetary carrying capacity.

    davy is the greatest, lying piece of shit I have ever seen in my life. I have never said anything like that, explicit nor implicit.

    If you want to know how this trash from the prairie behaved in Nuremberg, you only have to study this third rate material davy, that fell of the European truck and subsequently fell in the hands of the worst (((satanists))), like our mobster, this planet can come up with.

    Fortunately the planetary ZOG-problem is about to be solved. Hopefully without bloodshed, but if millions are going to die, so be it.

  4. Cloggie on Sat, 19th Jan 2019 4:39 am 

    I understand that eventually we are going to have to get closer to 1BIL instead of 7BIL but I am not interested in a final solution like you are. You would like to see people of color wiped of the planet. I am just realistic about the planetary carrying capacity.

    In reality it is YOU who implicitly wants to wipe the third world of the map, in that you instinctively resist any renewable energy solution, because they interfere with your morbid 1 billion agenda, which you don’t want to see obstructed.

    It is true that I don’t want to see my Europe overrun by third worlders, as is the quiet western agenda, originating from ZOG-USA since 1945, backed by punks like davy and his intellectual depth with a high soup-plate quality about it. But that does not mean I would want to see billions die. Once Eurasia will finally get rid of the Great Satan (by splitting it up in 5 or more countries, in coordinating with US white nationalists), you can expect PBM and China to be responsible enough to together come up with a development program for the third world, based on renewable energy and rigorous birth control. Perhaps even soft recolonization of Africa or having it run by North-American black proxies/advisors. I understood that our anonymous1 can even read and write, chapeau, what’s not to like!

  5. Davy on Sat, 19th Jan 2019 5:29 am 

    “A trillion yuan is less than $150 billion.
    No big deal.”

    It a big deal makatto but you ignore the reality of a Chinese financial implosion. No need for references you ignore them anyway.

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