A new report from Earth Scientist David Hughes seriously undermines rosy long-term forecasts made by the U.S. Energy Information Administration (EIA) for U.S. oil and natural gas from shale deposits Of the 13 major plays he evaluated, Hughes rates the EIA’s production forecast for five as “moderately optimistic,” five as “highly optimistic,” and three as “extremely optimistic.” Saturation of sweet spots in key shale plays may lead to an irreversible production decline Earth scientist David Hughes—who is out with a new skeptical report on the future of U.S. shale oil and gas—has two very important things in common with Michael Burry. Burry is the investor made famous by The Big Short , the book that was later turned into a movie of the same name about the 2008 housing crash. Both men made calls that contradicted an almost unanimous consensus, and both did so after dogged, painstaking research. First, […]