The shale oil "boom" has seen better days

A good example of how motivated reasoning and cognitive rigidity rule in big corporate America.

It appears that the U.S. fracking boom is ending far earlier than many industry experts and CEOs predicted. After an understandable dip in 2020 due to the pandemic, oil production still has not regained the record levels achieved in 2019, and predictions that the industry would set new records this year have not materialized, despite 2022’s high oil prices...

There’s a saying in the oil industry: “The rocks don’t lie.” It means that regardless of what is predicted, geology calls the shots on how much oil can be extracted.

Although rocks don’t lie, it is becoming increasingly evident that the shale oil industry greatly over-promised how much oil it could produce and knowingly relied on flawed models. These faulty models inflated the amount of oil production promised to investors by up to 30 percent. - DeSmog