For years now, Wall Street and investment banks have been pumping cash into these "fantasy island" shale plays.
Everyone in the business knows these wells only work in the fairways of the play, but thanks to lots of stupid money, these trends were expanded well beyond where they could make any money.
The investment bankers jump in, fence in a big area with "productive wells" and dump them onto some greater fool customer of those very same investment banks. The government helps the scheme along by allowing the operators to virtually set their own methods for calculating reserve amounts.
What's happening in oil and gas today is the same thing that happened in real estate in 2008, except that not many have the brains or will to report the truth.
Now here are three idiots hoping to relieve the pressure by allowing exports, despite the fact we import 20% of what we use.
Sickening.