"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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