OK, I was wondering how this was all playing out. Of course peak oil has not gone away, and with the sheer volumes of oil involved the peak could only be postponed a few years by shale oil. The Guardian lists new concerns for oil supply moving beyond 2015.
Another report was put out by the Energy Policy Forum, and authored by former Wall Street analyst Deborah Rogers – now an adviser to the US Department of the Interior’s Extractive Industries Transparency Initiative. Rogers warns that the interplay of geological constraints and financial exuberance are creating an unsustainable bubble. Her report shows that shale oil and gas reserves have been:
“… overestimated by a minimum of 100% and by as much as 400-500% by operators according to actual well production data filed in various states… Shale oil wells are following the same steep decline rates and poor recovery efficiency observed in shale gas wells.”