It’s not a stretch to say without US fracking our economy could have slid into a depression during the Obama era. As it was it was touch and go. Oil & gas production thanks to fracking was the only industry growing for a time...and leases saved many family farms. Then OPEC went to war and tried to collapse the price of oil to kill it. Lower energy prices helped other parts of our economy, the less profitable producers went under and the better capitalized bought their assets pennies on the dollar. We avoided trouble in the financial sector that had financed that early growth and waited out OPEC’s attack. We now are the world’s largest producer and as of last month essentially self sufficient. GOD BLESS THE HARD WORKING MEN AND WOMEN that produce our oil & gas.
I worked the oil fields of west Texas in the late 70s and early 80s during my summer break. Talk about rear-end busting work and looooong hours. Many nights I slept in my truck because I was too tired to drive and would have to be at work in the next few hours.
An old comment made to me one time by a guy who owned rigs - “See that rig? Every time it goes up and down I get $20”
That was a long time ago.
It's also not a stretch to say that the reason so many manufacturers are moving back to the USA is because we now have a cheap, reliable, dependable and secure source of energy which is a key component of any manufacturing process.
Companies moved to China and elsewhere to offset their rising energy costs (because of OPEC, rising prices) with cheaper labor.
They don't have to do that anymore. Best trained labor force in the world is right here and a secure, reliable, cheap source of energy is here also. It's a win-win for our economy and that asshole Barack Insane OBama had nothing to do with it.
If you do not include the the fracking jobs that were created in Texas, Colorado and North Dakota, the US did slide into a depression during the Obama era.