Take the time to read this Guardian piece on the “fracking myth” — which includes:
Geoscientist David Hughes, who worked for the Geological Survey of Canada for 32 years, said:
“The oil had always been a statistical fantasy. Left out of all the hoopla was the fact that the EIA’s estimate was little more than a back-of-the-envelope calculation.”
Last year, the Post Carbon Institute (PCI) published Hughes’ study, Drilling California: A Reality Check on the Monterey Shale, which conducted an empirical analysis of oil production data using a widely used industry database also relied on by the EIA.
The report concluded that the original EIA estimate was “highly overstated,” and unlikely to lead to a “statewide economic boom…. California should consider its economic and energy future in the absence of an oil production boom.”