Buyers are suffering from gas-price sticker shock and are sitting on liquid assets until they get a better fix on where the economy is actually going.

FORBES: We've Seen This Movie Before

That's one promise he's kept: For the first time, coal is in decline, with production falling 6.5% since 2008, according to the EIA. Part of the reason is a shock from cheap natural gas.

WSJ: Review & Outlook: Energy in the Executive

Large oil and natural gas were first discovered in the North Sea during the oil and gas exploration boom that followed the first oil shock in the early '70s.

FORBES: Europe: Oil's Brave New World

From an economic perspective, the recent discoveries of abundant domestic shale oil and gas supplies may help us avoid the likelihood of an oil shock and buy us the breathing ground to plan for a more gradual transition to a more efficient post-fossil world.

FORBES: If America is the New Saudi Arabia, What Does That Mean for Our Energy Future?

Hydraulic fracturing pumps many thousands of gallons of mainly water and sand, with a few chemicals, at high pressure into tight gas-bearing shale deposits (hardened muds), creating cracks that allow gas to flow back up the well to the surface ( Shale Shock).

FORBES: The Fracking Solution Is A Good Cement Job

After the first oil shock in 1973 it didn't take long for Americans to return to their gas-guzzling ways, with a preference for large cars and big V8 engines, says automotive analyst John Wolkonowicz, of consultant Global Insight in Lexington, Mass.

FORBES: Whipsaw