Summary of The Next Financial Crisis Lurks Underground

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Pioneering firms deploying innovative technologies such as horizontal drilling and hydraulic fracturing (fracking) have led an American energy renaissance. Yet the boom has not occurred without a massive surge in capital raising and debt. Financial journalist Bethany McLean addresses the US energy transformation and previews what the next decade may hold. getAbstract recommends her thought-provoking examination of a potentially unstable US energy industry to investors, executives and energy consumers.

About the Author

Bethany McLean is the author of Saudi AmericaThe Truth About Fracking and How It’s Changing the World and the co-author of The Smartest Guys in the Room. 

 

Summary

The state of the American energy complex in 2018 stands in sharp contrast to its position in 2008. Back then, as officials claimed global peak oil, US companies began installing horizontal drilling and hydraulic fracturing (fracking) rigs on domestic oil basins. These novel technologies did not arrive out of the blue: In the late 1990s, George Mitchell, a Texas energy company owner, demonstrated that he could extract oil and gas through rock formations deep below the ground with highly pressurized solutions comprised of liquid, sand and chemicals.

In the decade...


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