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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Celtictrader who wrote (184023)	5/23/2014 5:36:02 PM
From: upanddown	6 Recommendations Read Replies (1) of 206168

I'll believe one of these peak oil guys when the first one admits how laughably wrong they have been for the last 7-8 years. I won't hold my breath waiting for that. The 16B estimate was done by some consulting outfit hired by the EIA and never made any sense since there was so little well history in the Monterey. There still isn't much history so this new estimate sounds like another WAG. The truth is probably someplace in between the two numbers. Martenson uses this writedown of the Monterey to then imply that the whole shale thing is about to collapse. He never mentions that the Bakken was estimated at 4B when the Monterey was estimated at 16B and now EIA says the Bakken may have 8B since the Three Forks which underlies the Bakken could also have 4B. Who knows what is under the Three Forks? I just think shale, especially the stacked plays, is still in the early innings and that numerous new discoveries as well as major technological advances are still ahead.

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