Jeff Nielson of Sprott Money News examined the U.S. shale oil boom, specifically in light of recent announcements of a write-down of U.S. shale oil reserves by two thirds. Neilson asserts that the miscalculation was more deliberate than accidental, and suggests that the extraction of shale oil is relatively inefficient, causing both economic and environmental problems.
As quoted in the publication:
Little-to-no surplus oil is being produced which will ever be available for anyone to use. Americans get maximum environmental pollution (and squandering vast quantities of precious water resources), while the “shale oil boom” accomplishes very little other than fattening the bottom-line of Big Oil. The “oil production”itself is almost entirely illusory.
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