Previously discussed an amazing article by Mark Perry at Carpe Diem. Post provides yet another reminder that Peak Oil is a failed concept.
Check out the June 23 post from Carpe Diem at American Enterprise Institute: Bakken updates: 1) Williston as ground zero for the American spirit and 2) Here comes Shale 2.0!
The post quotes a correspondent who works for a drilling company and has deep knowledge. This correspondent says the expectation at the beginning of the boom was 3.5% of the original oil in place would be recovered. Industry estimates today suggest the recovery rate is 15-18%. With additional technological developments, the correspondent’s guess is there could be another 5% of the oil recovered.
Get a fresh cup of coffee and journey with me as my little brain processes through what this means.