Fed Energy Estimate Wrong

Remember when I said that we are on the way to experiencing a crash in vital resources?

Well, it appears that the situation is a lot worse than expected. We actually have FEWER resources than we thought.

Specifically energy resources.

According to Bloomberg:

The U.S. will slash its estimate of undiscovered Marcellus Shale natural gas by as much as 80 percent after a updated assessment by government geologists.

The formation, which stretches from New York to Tennessee, contains about 84 trillion cubic feet of gas, the U.S. Geological Survey said today in its first update in nine years. That supersedes an Energy Department projection of 410 trillion cubic feet, said Philip Budzik, an operations research analyst with the Energy Information Administration.

The question is, what ELSE have they gotten wrong?

We’re in trouble folks.

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