In short, the Moneterey Shale Formation frackbubble was a pile of the well-known substance perpetrated by the same agency, the Energy Information Administration, http://www.eia.gov/, that now, under a new administrator, denies it. The EIA should be renamed PetroFlak, Inc. This one was right up there with the infinite rising of real estate prices, only it ended quicker. It was a bubble on speed.
The only logic in this story, if there is any, might lie in some petrocrats that started a bogus oil boomlet to fleece some gullible investors. We are still wondering about an anti-fracking organization led by MoveOn.org, basically a Democratic Party fundraising apparatus. Were they just trolling for more donors?Read More »