Peak Oil is just that Peak Oil. The original flawed prediction from Hubbert referred to Fossil Fuels. Fracked, Tar Sands, Shale Rock are all Oil extracted from the ground. Period. And oh BTW don't you know, Science is Never Settled.
I'm an OPEC Prince with an idea.... "Hey guys.... lets cut back, get oil over $50 again, and when the Americans spend millions to fire up their "shale operations and horizontal drilling" ... we tank oil to the $30's one more time". "That'll teach em. Next time they'll think twice". .....We win. Allu Akbar!
Shale oil in Permian’s Wolfcamp formation biggest in U.S. In a troubled oil world, the Permian Basin is the gift that keeps on giving. One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion. The estimate lends credence to the assertion from Pioneer Natural Resources Chief Executive Officer Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field. Irving-based Pioneer has been increasing its production targets all year as drilling in the Wolfcamp produced bigger gushers than the company’s engineers and geologists forecast. Read more here: http://www.star-telegram.com/news/business/article114931993.html#storylink=cpy