Here we go again, another “peak oil” theory by the tinfoil hat brigade–except this time the theory is specifically about shale oil and comes from a (used to be) respected company–powerhouse consulting firm Deloitte. Yesterday Deloitte published a new study called, “The Great Compression: Implications of COVID-19 for the US Shale Industry” (full copy below), spinning the theory that the virus pandemic has effectively revealed what “everyone” already knew anyway–shale oil drilling was always a fraud and has already peaked, never made money, destroyed a gajillion dollars of investor value, and bankrupted 190 companies. Shale oil drillers may as well just curl up in a ball and die.
