IPFS News Link • Energy

Oil Guru Destroys All Of The Hype About America's Energy Boom

• Business Insider

The math just doesn't work out, they say — America consumes too much.

But some are even more skeptical than that.

Arthur Berman, an oil analyst with Labyrinth Consulting Services, says the promise of America's shale reserves have been vastly overstated.

His main argument: shale is too expensive to drill, and shale wells usually don't last longer than a couple of years.

Last year, he laid out his case at a gathering of the Association for the Study of Peak Oil and Gas in Austin Texas.

1 Comments in Response to

Comment by Dennis Treybil
Entered on:

A few years ago I heard a factoid on radio that stated 83 million barrels of oil were needed daily world-wide at that time.

There was a huge hooplah in the past year or two over reserves in Canada amounting to 8 billion barrels of oil.

This is 100 days supply at 83million barrells per day.

Even if distribution of this oil is limited to the west (specifically USoA & Canada), that would only make it last a year.


DC Treybil