How Fracking Became America’s Money Pit

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For most any nation, let alone a superpower, energy independence is considered the geopolitical holy grail. So when fracking lured in American investors, everyone had high hopes the country would finally break free of OPEC. But oil is a complex game, and 2020 saw sharp declines in demand caused by the cartel’s maneuvering, shale oil’s oversupply, and now the devastating effects of the coronavirus. What’s worse, the startup mentality of the U.S. fracking industry promised investors mythical growth and nonexistent returns. In the end, it burned a $340 billion hole in Wall Street’s pocket.

Video by Matt Goldman and Mike Byhoff
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35 COMMENTS

  4. While it may not really make sense to frack for oil, I have read that there are those who are proposing using fracking technology to get geothermal energy. It would be ironic if that were to come to pass

  6. Fracking can be off the benefit when the Groundwater Remediation is done by recycle of it into the aquifer sources. Hydrocracking of Hydrocarbons to Natural Gas and Ethanol conversions to powerup the Energy Grids are the best means to be in Profit-Zones.

  14. Energy independence. Of course
    Now we have Biden and Trudeau pretending oil and gas should be eliminated. The foundation of economies. Foolish pretenders, ruining North America. Look at the European countries that committed to abandoning oil and gas, they became dependent on Russia. Disgusting that North America is begging the Middle East for these resources now.

  17. Here in the UK fracking is banned because of the green lobby. Ironically fracked gas is exported to the UK from the US . Thankfully the UK government seems to coming to it's senses and is more supportive of fracking in the UK ( and North Sea oil and gas projects) after what's happening in Ukraine. The green lobby (lefty loons is a more appropriate comment) are campaigning in the UK against fossil fuels like the opening of a new coal mine in North West England. The coal is to be used by British Steel , if they are successful the coal will have to imported from as far away as the US and Australia ( as I said loons). Also one of the biggest power stations in Europe (Drax) in England has switched from burning locally sourced coal to burning wood pellets from the US at a huge cost to the UK taxpayer( not exactly green but the lefty green loons support this). Domestic energy production must be a priority for the new British Prime Minister.

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