Irrational Exuberance, or just Passing Gas

(UPDATED, Scroll Down)

Lately, there has been a lot of hyperbolic optimism with respect to the Shale, tight oil, fracking boom that the US has been experiencing.  It is a good thing, don't misunderstand me.  However, some seem to think that it's the end of our energy worries and it's back to the good times!

More sober assessments, while optimistic, are a bit more guarded.
From an article at Zero Hedge,

"Our analysis suggests that commentators and policymakers need to better distinguish between the ways in which the US shale gas boom constitutes a ‘revolution’ and the ways in which it does not. The US unconventional energy boom has reversed the decline of domestic production, significantly lowered oil and gas imports, reduced gas costs for consumers, and created a political space for tougher regulations on coal-fired power plants. But it is not a panacea. Even if current estimates of production turn out to be accurate, the benefits to the US economy in the long run are relatively small, and the benefits to manufacturing competitiveness in most sectors are even smaller. In the longer term, US energy security and climate goals will still require a strong role for public policy frameworks. Improving energy efficiency and promoting low-carbon technologies will be just as important as before. For the EU, given its more limited known reserves of unconventional oil and gas, these conclusions are likely to be all the more relevant."

Read the whole thing here.

All the more important considering how our so-called leaders have utterly squandered the last eight years.

Least that cast a gray cloud over your sunshine, there's this...

"The promises that you save for the future have collapsed into dust as interest rates have been driven lower making savings utterly worthless. There is no such thing as saving and living off your fixed income. The elderly are being driven back into the work force and the whole ideas that a generation believed in are vanishing before their eyes.
So it is no longer communists and dictators that are the targets. All governments are now the targets and when the economy turns down after 2015.75, the threat of civilization will be pulled apart by the self-interest of politicians clinging to power to the detriment of the people."