Ever the contrarian, I have been quite skeptical of the many breathless
claims being made by wide swaths of the media about how a new energy
bonanza is going to overtake the U.S. and eventually the world. The
subject, of course, is the new shale plays in both natural gas and oil.
While these plays are in special cases quite extraordinary, and the
technology is just brilliant, many of the more exuberant claims made in
the past about the potential contributions of these plays are now being
dialed back.
The reason? Just like any other resource, the shale plays were "high
graded," meaning the best ones were drilled first. (As they say in
Texas: We drill the best spots first.) (more)
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