#260 — Independent petroleum geologist Arthur Berman says of the shale oil and shale gas scene: “What we’re reading in the newspapers everyday is completely distorted. It couldn’t be more wrong and delusional.” JHK and Art delve into the finer points of the so-called shale oil miracle. Can anybody actually make any money in it? What are the long-term prospects? How are they raising capital to do it? We explore some deep, dark corners of this largely misunderstood phenomenon and its relation to the wishful thinking economy of our time.

The KunstlerCast music is “Adam and Ali’s Waltz” from the recording Waiting to Fly by Mike and Ali Vass.