28 May '18, 7pm

Skeptic Geologist Warns: Permian’s Best Years Are Behind Us https://t.co/4exJ2Qb4lp

Racer – “…the most productive U.S. shale play has just seven year of proven oil reserves left.” Not only an absurd statement (if he actually said it) but very easily proven to be complete BS. First, the PB is currently producing more oil then every before in history: previous peak was in 1973. Second, showing the foolishness of that seven year time frame, the PB was producing about 70 million bbls per year with very little decline from 2000 to the beginning of the shale boom. The shales have added about 180 million bbls per year. If no new shale wells were drilled from this day forward it would be physically impossible for the existing wells to completely deplete in just 7 years. That statement also implies that no matter how high the oil prives reaches there will be no shale wells left to drill in the PB. Folks should also understand that much of very slowing declining 70...

Full article: http://peakoil.com/production/skeptic-geologist-warns-per...

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