…without huge surge in shale oil since 2009, global crude-oil output would have been lower in 2014 than 2005. This is the very supply that Saudis and OPEC have been targeting. What the sudden drop in rig count suggests…the market is starting to re-appraise shale-oil model, derided by some as some sort of giant “Ponzi” scheme…At best, shale gas, tight oil, tar sands, and other unconventional resources provide a temporary reprieve from having to deal with the real problems: fossil fuels are finite…continued reliance on fossil fuels creates increasing risks for society that transcend all economic, environmental, and geopolitical challenges…

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