Thursday, September 19, 2013

From the "You Can't Win Them All Department"....

As excerpted from the introduction to T. Boone Pickens's The First Billion Is The Hardest:

I've been in this business for over half a century, and I've heard more than my share of stupid ideas.  These are the worst:
       Myth No. 5:   New technology will enable us to discover enormous untapped reservoirs of oil.

Oops.  The book was published in 2008.  Talk about timing.  Check out the following charts showing oil production, just in Texas and North Dakota, from the "new technology" of horizontal drilling combined with fracking.

Well, it's a comfort to know that very smart, very capable, and very successful people can often be spectacularly wrong.

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