Hardly Anyone Talks About How Fracking Was an Extraordinary Boondoggle

  • Date: 28-Jul-2022
  • Source: Asharq AL-awsat
  • Sector:Oil & Gas
  • Country:Saudi Arabia
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Hardly Anyone Talks About How Fracking Was an Extraordinary Boondoggle

International and Arab News

In the energy scramble provoked by Russia’s invasion of Ukraine, American liquid natural gas has so far played the role of Europe’s white knight. If Europe manages to keep its lights on, homes heated and factories running this winter, when energy demand is highest, it will be in large part thanks to shipments of American gas, which have more than doubled since the war began. Today, two-thirds of American oil and even more of its gas comes from hydraulic fracturing, better known as fracking, which has played this heroic-seeming role before, in the country’s long effort post-9/11 to get out from the grip of Middle Eastern producers and secure what is often described as “energy independence.” (Donald Trump preferred the term “energy dominance.”) It hasn’t proved quite as useful as you might think: Because energy prices are set on global markets, domestic production doesn’t mean Americans pay less at the pump. But thanks in large part to fracking, the United States has become the world’s largest producer of both oil and gas.

Perhaps the most striking fact about the American hydraulic-fracturing boom, though, is unknown to all but the most discriminating consumers of energy news: Fracking has been,