But what if there’s evidence that runs counter to all of that?

We’re going to be taking a little victory lap on this week’s podcast because The Wall Street Journal has finally admitted that shale oil wells are not producing as much as the companies operating them touted they would produce — which is what we’ve been saying for years here at PeakProsperity.com, largely because we closely follow Art’s work:

The Wall Street Journal did some research and they got the general point that the wells are not as good as advertised.

But what they missed is just how much farther off many of these reserves are than even the discounted reserves that they’ve reported.

Bottom line: if the understatement is only 10%, that’s a rounding error and it’s not that much of an issue to the average person. But I’ve been trying for a decade to get the number that I independently develop to get anywhere close to the published numbers. In most cases, I can only get near 60% or 70% of them. So, the gap, I think is much more substantial.

The reason that The Wall Street Journal didn’t get it more right is because they don’t do any independent research and of course they didn’t talk to me, they didn’t talk to Dave Hughes, they didn’t talk to people who actually do the work, and so they’re getting one side of the story.

Click the play button below to listen to Chris’ interview with Art Berman (52m:56s).

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