A theory of collisionless electrostatic drift wave turbulence in a circular cylinder with shear is presented. A renormalized electron drift kinetic equation which is consistent with conservation of energy is derived. For low levels of turbulence, a perturbative solution indicates that the turbulence has a stabilizing effect and that total mode spectrum energy decreases. For strongly turbulent regimes, results quantitatively but not qualitatively different from those of Hirshman and Molvig are found. In particular, additional stabilizing terms lead to a lower saturation amplitude, but the basic picture of turbulent destabilization competing against linear and nonlinear shear damping persists.