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.
