US Shale Oil and Gas Industry is a Ponzi Scheme Facing Collapse

Thursday, April 30, 2015
By Paul Martin

By Dylan Murphy
Global Research
April 30, 2015

The mainstream media keeps churning out good news stories about the booming shale oil and gas industry in the United States. Apparently, the fracking industry is going to lead to America becoming the next Saudi Arabia with a hundred years of oil and natural gas. It will provide cheap energy supplies that will boost U.S. Industry and give a major boost to consumers and help the so-called economic recovery.

Yet all of the over inflated claims for shale oil and gas are based upon a fantasy. The geological evidence (See the exhaustive studies by University of Texas and by the geologist David Hughes for the Post Carbon Institute in 2014) shows quite clearly that shale gas and tight oil production is likely to peak in the next 5 years.

Tad Patzek, head of the University of Texas at Austin’s department of petroleum and geosystems engineering, has commented that companies are trying to extract shale oil and gas as fast as possible. The danger of this is that, “we’re setting ourselves up for a major fiasco”. He notes that after production peaks in 2020 “there’s going to be a pretty fast decline on the other side” and ”that’s when there’s going to be a rude awakening for the United States.” He notes rather ominously that, “it cannot be good for the US economy.”

The Rest…HERE

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