The story of America’s new energy abundance has been accepted uncritically by too many people. A closer look at the realities of today and the last decade, coupled with a better understanding of our energy and oil systems, reveals risks that must be discussed and included in planning for the years ahead. This brief paper presents key information on the role of oil in the economy, the fact that world oil production has not increased meaningfully since 2005, the failure of high prices to create new supplies, the nature and limits of the oil being produced through fracking, the global challenges to oil supplies, and the likelihood that the United States will never be a net oil exporter again or truly “energy independent.” People who are part of the energy or economic debate – whether as policy makers, […]