The Frackers by Gregory Zuckerman

The United States experienced a major change in energy in the 2000s. Prior to the boom in oil and natural gas production, the nation was concerned  with declining production—oil production peaked in 1970—increasing demand and increasing reliance on foreign oil. New technology, particularly horizontal drilling and hydraulic fracturing, or fracking, have made previously challenging sources of oil and gas economically feasible to access. The result is increased energy supply, lower prices for natural gas, and less reliance on foreign sources.

 The story of this turnaround is not founded on government policies or one of the massive energy companies. These energy resources from shales and other difficult rocks have been made available by players who started out as small time wildcatters and landmen. They took the risk on developing difficult resources in the United States and developing the technologies that made them economically feasible. As politicians wrung their hands and big companies sought greener pasture oversees, these men held onto hope and kept digging until they found solutions.

 Gregory Zuckerman recounts the story of some of these men and the businesses they built in The Frackers. This is a book of business journalism. That is more interesting than it may sound. It is a story with some drama as players face ups and downs that sometimes lead to ruin and sometimes to outrageous wealth. It has had a significant impact on the American economy as well.

 It may be a uniquely American story, too. The United States is one of the very few countries in which individuals own the rights to the minerals, including oil and gas, that are under their land. This meant people could try even when it seemed they were likely to lose, and have little interference in their losses. A few of them lost and lost until they won and won big.

 Zuckerman acknowledges concerns related to fracking. He finds that the environmental concerns have been somewhat overblow, and that it can be done safely if appropriate measure are taken, though that hasn’t always been the case. Appropriate environmental regulation can protect human health and the environmental while continuing to give us access to these energy sources.

 Another concern is that low energy prices may reduce the impetus for developing alternative and renewable energy. This is still the best long-term option. Zuckerman finds some hope in the story of the frackers though. Their belief and persistence resulted in big changes, but it took time. The developers of the next generation energy sources may have their breakthrough, too, in the next couple of decades if they keep at it.

 If you’re interested in this book, you may also be interested in

Contents Under Pressure by Sylvia F. Munson

 Zuckerman, Gregory. The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters. New York: Portfolio/Penguin, 2013.