The Shale Boom and the US Energy Industry

The shale boom has dramatically changed the United States from being a net energy consumer to a net energy producer and exporter. The Biden administration was very worried before the midterms last year that they would lose the midterms because of energy price inflation, gas prices at the pump going up. So we now have a much more consolidated industry where the big majors share the interests of not preventing production from going up in line with prices. And they are earning much, much better profits as a result.