Sure, American shale producers are feeling the pressure of plunging crude prices, but the U.S. energy renaissance is by no means over. Consider the following graph, showing our oil reserves hitting their highest levels since 1975:
This next graph, of American natural gas reserves, is even more dramatic:
Our gas reserves are at an all-time high and our oil reserves are nearly at a 40-year high-water mark. Hail shale!