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Epic Disappointment: The US Oil and Gas Crisis

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Those inhabiting the economic wish-space got a case of the vapors last week when the Paris-based International Energy Agency (IEA) published an annual report stating that the USA would overtake Saudi Arabia as the world's leading oil producer and reach the long-touted nirvana of "energy independence." The news was greeted in this country with jubilation. Thus, peak credulity meets peak bullshit.

   It's been clear for a while that authorities in many realms of endeavor - politics, economics, business, media - are very eager to sustain the illusion that we can keep our way of life chugging along. But under the management of these elites, the divorce between truth and reality is nearly complete. The financial system now runs entirely on accounting fraud. Government runs on the fumes of statistical fraud. The business of oil and gas runs on public relations fraud. And the media runs on the understandable wish of the masses to believe that all the foregoing illusions still work to maintain the familiar comforts of modern life (minus Hostess Ho-Hos and Twinkies, alas).  

And so the story has developed that the shale oil plays of North Dakota and Texas, which started ramping up around 2005 - the same year the world hit the wall of peak conventional oil - and the shale gas plays in Texas, Louisiana, Pennsylvania, New York, and Ohio would enable American "consumers" to drive to WalMart effectively forever.  

Now, it happens that the particulars of oil and gas production are so abstruse that the editors of The New York Times, The Bloomberg News Service, CNN, and a score of other mass media giants swallowed the IEA report whole, with fanfares and fireworks, and a nation afflicted with doubt about its future swooned into the first week of the holidays in celebration mode - we're soon to be number 1 again, and the future is secure! Have a nice Thanksgiving and Christmas and prepare to sober up in 2013. When the truth finally emerges from this morass of dissimulation, the disappointment will be epic.


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