31 May '14, 9am

.@peaktweat: #peakoil Energy Crunch: What’s the big picture?: Chart: International #Lithium $ILC.v

.@peaktweat: #peakoil Energy Crunch: What’s the big picture?: Chart: International #Lithium $ILC.v

If the UK Weald assessment was disappointing for fracking advocates, imagine the embarrassment of the US Energy Information Administration (EIA), forced this week to slash its estimate of the recoverable oil in the Monterey shale play in California by a whopping 96%, or 13 billion barrels. It turns out the previous estimate was based on the assumption that California’s geology would be as simple as that of North Dakota, whereas it is in fact far more complicated. At the same time, there were also reports that many shale companies across the US are struggling financially because of the constant drilling required to counter vertiginous well decline rates. Yet again, shale is the victim of its own hype.

Full article: http://peakoil.com/consumption/energy-crunch-whats-the-bi...

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