Flashback: “there is no inherent shortage of oil”

The energy boom is an apparent surprise to many. I don’t know why. Here’s the photo, caption, and story right now (Wednesday night) on the front page of  The Wall Street Journal :

Here was our take in 2006:

there is no inherent shortage of oil. One tiny shale formation right in America’s backyard — the 1,200 square mile Piceance Basin of western Colorado — contains a trillion barrels, more than all the proven reserves in the world. Vast open spaces across the globe remain unexplored or untapped.

Today, it’s Dakota, Texas, and Pennsylvania shale that is leading the new boom. As a few smart guys wrote, we have a “bottomless well” of energy, if only we allow ourselves to find, refine, and innovate.

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