William Engdahl Doesn’t Believe in the Shale Gas Revolution
In 2007 William Engdahl, the historian of oil politics, surprisingly dismissed any idea of peak oil, and bought into the abiotic origin of oil and concluded that peak oil was a myth. He repeated this opinion only one year ago and attributes high oil prices not to scarcity (‘peak oil’) but speculation. With this background we are surprised that earlier this week Engdahl did dismiss the hype around shale gas in globalresearch. Like many others he stresses the toxic nature of the shale production process, but additionally he predicts that the shale gas story will be another bubble on the verge of popping. Engdahl shows that talk by president Obama of another 100 years of recoverable reserves is deceptive and that we should anticipate 11-23 years at current consumption rates at best.