June 30, 2022

News Science

The Science of News

How Fracking Became America’s Money Pit

1 min read

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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