More than 1,000 shale rigs dot the plains of the US fracking heartlands in a patchwork of economic promise. The oil price crash all but snuffed out the US pioneers of the shale rush. Yet, it is from this pyre of bankrupt frackers and hastily dismantled rigs that a new industry centred on the Permian Basin in Texas has galvanised to reassert the US as an energy superpower. It is this “remarkable strength” that is “triggering a rapid transformation of global markets”, according to Fatih Birol, the chief executive of International Energy Agency (IEA). “The second wave of the US shale revolution is coming. It will see the US account for 70pc of the rise in global oil production,” he said last week.
Telegraph 17th March 2019 read more »