While fracking has been going on in the U.S. since the late 1940s, it wasn’t until just after the turn of the century that it began to be increasingly used in conjunction with horizontal drilling. That marriage of technologies ushered in the fracking boom and resulted in a renaissance of oil and gas production.
The resurgence of natural gas production followed years of decline and corresponding natural gas price spikes. But as production rose, natural gas prices collapsed. This price collapse was a major factor for utilities switching from coal to natural gas, which in turn resulted in U.S. carbon dioxide emissions declining by more than any other nation. The U.S. became the top natural gas producer in the world, and began to export liquefied natural gas (LNG).
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