Fracking is going to save us. We have hundreds of years of fossil fuels at hour disposal. Until we don't:
California Is In An Extremely Awkward Position Now That The Government Says Most Of Its Shale Oil Is Unrecoverable
Rob Wile, Business Insider, 21 May 2014 (hat tip: NC)
Last night, the LA Times' Louis Sahagun reported a piece of data dynamite the Energy Information Administration plans to detonate under California next month: There now appears to be just 600 million barrels of recoverable tight oil in the state's vast Monterey shale play — a downward revision of 96% from the agency's 2011 estimate.
There was a report in the Wall Street Journal a few years back based on some fracking industry emails that came to light because of some lawsuits. The emails indicated the operators in Pennsylvania were having a much harder time recovering their costs. They were getting fuel out of the ground, but they were having a hard time making money.
That is the point. It's not that their are no hydrocarbons down there, it's just that you can't extract them cheaply.