Peak Oil Theorist Art Berman Predicts Doom & Gloom for Shale

Hee Haw – “Gloom, despair and agony on me”

Month after month and year after year America’s shale plays produce ever more oil and gas (see today’s story about the latest EIA Drilling Productivity Report). But don’t tell that to Art Berman. Why anyone continues to listen to Berman, the world’s preeminent “peak oil” theorist, is beyond us. For nearly 20 years Berman has predicted that the world is running out of oil and natural gas. And yet the opposite is true. But that doesn’t stop Art from pedaling his particular brand of insanity. Last Thursday at the Texas Energy Council’s annual gathering in Dallas, Berman told attendees that the Permian Basin has another seven years, at most, and then it’s done–out of oil. Oh, and the Eagle Ford, about 350 miles from the Permian–that’s toast too. Why the Texas Energy Council would invite Art to pedal his nonsense is beyond us, except maybe they enjoy a circus side show. In contrast to Berman’s wild fantasies of Permian oil drying up, we have analysis (below) from Richard Zeits, founder of Zeits Oil Analytics, who says the Permian is only just getting started…

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