? A fracking boom made the US the world's biggest oil producer. Now its end is pushing gas prices much higher.
The very boom that bolstered the US' energy independence is now making its gas-price problem much, much worse. For much of the past decade, fracking gave the US energy sector a massive tailwind. In the so-called 'shale revolution,' fields in New Mexico, North Dakota, and Texas became the next boomtowns for energy commodities.
The previous decade's fracking boom quickly turned into a sprint, with companies prioritizing all-out growth over profitability. Industry giants told investors in 2019 they were considering shrinking production.
That all came before the pandemic hit, and turning the lights back on hasn't been easy. Supply-chain issues have also held the sector back from boosting production. Unique sand used for fracking is now in short supply, and prices have nearly tripled from where they stood just one year ago.
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