"A subset of our master wish has been on vivid display in recent months,
namely the idea that God has blessed the USA with a limitless supply of
new oil that will allow us to keep driving to WalMart forever. This
propaganda from an oil industry desperate for capital investment has
been swallowed whole by people in authority who ought to know better,
just as that same class of people in Germany of 1934 should have known
better about what they were bargaining for in economic well-being with
the Nazi agenda. In our case, the propaganda drumbeat is being led by
formerly respectable news organizations ... The American way-of-life was designed to run on $20-a-barrel oil, not
$90-a-barrel oil, and "new technology" has not changed that ... Most of the current "endless oil" fantasy revolves around shale oil ... Here's where the "bonanza" of new oil all comes from ... The oil coming out of these places is high cost and low flow-rate oil.
This is exactly the opposite of what US oil production used to be ... Consider also that shale oil well flow-rates decline greater than 60
percent in the first year (rapidly thereafter, too) and you can see
easily that there will be no "kicking back" ... Consider also, that the small "sweet spots" in the shale oil regions were the ones drilled first ... Outside these sweet spots the oil may be too meager or difficult or costly to bother drilling for ... The excitement will all be over before 2020, but I suspect that troubles
in finance and banking will put the schnitz on the shale gas mania long
before that date. What will happen when the American public discovers
that they were lied to about yet another important matter? The discovery
will coincide with very severe changes in daily life that won't be
avoidable. Everyone will be affected. Many will be impoverished and
suffer real hardship. That's when the public goes apeshit and starts
tearing down the house."
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