Fracking brought short-term wealth and long-term collapse to Rock Springs, Wyoming

Fracking provides access to fossil fuel reserves locked in underground rock

Using a pressurized fluid mixture that is over 90% water, cracks are created in shale about 2 miles deep to release trapped oil and natural gas. The process uses an average of 3 to 6 million gallons of water per well, which can strain local water supplies.

The fracking industry has created hundreds of thousands of jobs since 1949

The method of extracting fossil fuels from shale rock formations has saved Americans an estimated $23B annually in energy costs. Every year, fracking generates billions of gallons of wastewater and causes methane—a greenhouse gas that is over 25 times more potent than carbon dioxide—to leak into the atmosphere.

Federal subsidies have boosted US fracking profits

Between 2000 and 2020, the US government invested tens of billions of dollars to facilitate the extraction of shale oil and gas reserves. These subsidies helped make new projects viable and kept fossil fuel companies afloat while global energy prices and renewable energy startup costs have fallen.

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

Unless prices of fossil fuels rise significantly, their production is expected to slow

US oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies.

Disposal wells for fracking wastewater have been linked to spikes in seismic activity

A study of all such underground wells in the central and eastern US found that they were 1.5 times more likely to be associated with earthquakes than oil recovery wells. The link between fluid injection and earthquakes was strongest at disposal wells where fluid was injected quickly.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

As of 2024, approximately 44% of Americans support fracking

This makes the method less popular than carbon-free forms of energy production, such as solar, wind, and nuclear power, but more popular than coal mining. Support for fracking increased 7% from 2020 to 2024, primarily due to increased support from Republicans and older Americans.

A guide to crude oil and natural gas extraction, from rig site preparation to land restoration

Requirements for traffic plans, access roads, and noise barriers vary by state and local laws, but once the rig site is prepared, the rig is assembled and digs a well that is then encased in steel and cement to protect groundwater reservoirs. After drilling and testing the extraction pipe, fracking fluid is injected into the rock to create cracks where crude oil resides, allowing it to be pumped out.

Some faucets in regions near fracking wells run flammable water

A 2011 study found methane contamination as much as 3,000 feet away from wells, although there was no evidence of fracking chemicals in tested wells. Water with low methane concentrations is not harmful to drink, but it becomes flammable when mixed with air.

Fracking rates may increase with the construction of new data centers

In Pennsylvania, plans to build at least five new facilities supported by gas-fired power plants are expected to escalate public health risks through surges in air and water pollution. Data center water demands are expected to further strain local resources.

The value of fracking is dependent on international energy markets

Russia's war in Ukraine spurred calls in the US to increase fracking, which has historically reduced dependence on foreign nations and increased national security. However, some experts argue that renewable energy provides even better energy independence, as fracking investments may not be worthwhile if importing fossil fuels is significantly cheaper.

Fracking originated in the American Civil War

After witnessing how artillery created fissures in narrow water channels, a Civil War veteran wondered if the process could be replicated in underground wells to extract oil. He patented an "exploding torpedo" for this purpose, which became the foundation for future fracking techniques.

Oil and natural gas from fracking is considered unconventional

This method forcibly extracts fossil fuels from tightly packed rocks, where they form from organic matter that has undergone extreme heat and pressure. Conventional drilling, on the other hand, waits for the oil and gas to escape from shale and accumulate in more porous and permeable rocks, such as limestone.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

Many chemicals used in fracking fluid have been classified as toxic

Although the fluid has been known to leach into drinking water supplies, raising health concerns, fracking is exempt from federal clean water regulations due to a loophole in the Energy Policy Act of 2005 championed by former US Vice President Dick Cheney.

Rising fracking rates have increased prices of some food products

Every fracking well uses approximately 20,000 pounds of guar gum, a thickening and stabilizing agent commonly used in ice cream, salad dressing, and baked goods. The polysaccharide is also a key component in some cosmetics and explosives.

Find fracking wells where you live and what chemicals operators are using

Fracturing fluid recipes are largely proprietary, but FracFocus has maintained a database of chemical disclosures since 2011. Today, the Department of Energy-affiliated nonprofit has more than 240,000 disclosures, along with a searchable database of fracking wells by state, county, and city.

About 10% of the world's crude oil and 32% of its natural gas is reached via fracking

Most of the world's shale oil resources—which are recoverable via fracking—are found in Russia, the US, China, Argentina, and Libya. The majority of equivalent shale gas resources are found in China, Argentina, Algeria, the US, Canada, and Mexico.

In 2019, the US became a net energy exporter thanks to the fracking boom

The US began exporting more energy than it consumed that year, making it a net energy exporter. Energy imports have decreased every year since 2007, as improved technology has increased the number of accessible domestic oil and natural gas reserves.

Critical mineral production may lift impoverished regions out of poverty

Mineral wealth can provide public revenue and economic livelihoods to those in mining regions. However, poor management and lack of oversight can cause human rights abuses, environmental degradation, and significant greenhouse gas emissions.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

How Elon Musk's businesses have shaped Texas' Bastrop County

After deadly wildfires in 2011 burned a significant portion of the county, the tech boom in Austin pushed development eastward. Elon Musk has since made the region a key hub of his businesses, including a Tesla gigafactory considered one of the largest factories in the world by volume. Watch this reporter visit the town to hear the pros and cons of the transformation.

The Gasbuggy Project detonated a nuclear bomb to fracture underground rock formations

Part of Project Plowshare—a program aimed at finding peaceful uses for nuclear devices—the 1967 experiment sought to extract natural gas trapped within shale in underground New Mexico. Gas radioactivity was found to be excessively high for use without expensive processing, and the project was deemed an economic failure.

Fracking technology can help make geothermal power possible almost everywhere

Generating electricity from Earth's thermal energy has previously required existing underground reservoirs of hot water and permeable rocks through which the fluid naturally escapes. Today, fractures can be artificially created to form fluid pathways, and surface water can be injected underground and brought back to the surface.

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

China has a ‘ghost town of abandoned mansions’

This video shows how China’s property bubble deflated as new-home sales collapsed and more than 50 developers defaulted. In Shenyang, an abandoned “ghost town” reveals the fallout of a boom built on debt and overbuilding that could no longer be sustained.

How underground radio revitalized rock 'n' roll

Early FM was a wasteland and quickly became the domain of amateurs and risk-takers, including many stations and DJs who played music that flew in the face of mainstream trends. This history of the band's scrappy beginnings unpacks how it realigned the rock charts.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

1970s New York was viewed by many as a city in decline

By 1975, the city owed $5B to $6B in short-term debt; over a million manufacturing jobs had left the city since the end of World War II. Meanwhile, the murder rate was more than double than 10 years earlier. Graffiti was seen as illegal vandalism perpetrated by unsupervised teenagers and was viewed by some as emblematic of the larger societal decline.

A timeline of the Rockefeller family

The Rockefeller family timeline (as it relates to the business world, at least) starts in 1839 with John D. Rockefeller’s birth. In the nearly 200 years since, his offspring have gotten involved in everything from the Watergate scandal to the McCormick & Company spice business.

The Rockefellers' family office expanded to become a multifamily office

The Rockefellers created the first known single-family office in the late 1800s but the firm has evolved since to serve many wealthy American families.

This Town Advertised the World’s Largest Well. It Wasn’t.

Black Rock City is a remarkable portable town

While Burning Man hosts many impressive and unique architectural feats, these buildings also have notable issues of safety, accessibility, and reliability.

Mining of rare earth elements risks leaking radioactive wastewater

The extraction and processing of REEs requires significant amounts of water, and poorly regulated projects can contaminate groundwater with acids and heavy metals. Toxic waste spills have paused work in several US mines since the 1980s, despite growing REE demand.

In 2023, BlackRock founder Larry Fink turned from an outspoken champion of the 'environmental, social, and governance' framework to a critic.

Why Kansas is giving away cheap land

In Lincoln, Kansas, a housing renaissance is underway, driven by affordable real estate prices and a lower cost of living, in stark contrast to high-priced urban centers. Bradley Roberts, who previously lived in San Francisco, moved to Lincoln and...

Rare earth elements may be extracted from mine waste and coal ash

Rather than focusing solely on new mining operations, which can take decades to establish, some startups are developing methods to extract these metals from the toxic waste of existing operations and thereby minimize environmental impacts. (Some readers may experience a paywall.)

Like nuclear power, US geothermal power plant construction stalled for decades

Development and investment into geothermal energy took off in the 1960s. However, by the 1980s, companies repeatedly failed to find reservoirs of hot water when exploring new locations, and investors lost interest in the expensive drilling required. By the 2020s, technological advancements had finally helped mitigate exploration risk and expand viable drilling locations.

John D. Rockefeller’s father had a nefarious past

William A. Rockefeller Sr. earned his money via various schemes that included pretending to be a doctor to sell “herbal medicines” and posing as a deaf person to peddle for money.

The resurgence of Black lung disease in coal miners

Black lung disease is a preventable condition long associated with coal miners who regularly breathe in toxic coal dust. Simple workplace safety procedures make the disease entirely preventable, but cases are rising. Due to lax enforcement of rules, miners in Central Appalachia are increasingly diagnosed with cases stemming from silica dust inhalation.

A fire has been raging underneath a mostly abandoned town in eastern Pennsylvania for 60-plus years.

Enhanced geothermal power systems can trigger earthquakes by injecting fluid into rock, increasing subterranean pressure.

Indoor rock climbing gyms have doubled in a decade in the US

The business saw a jump in growth amid low real estate costs after the 2008 Great Recession. The sport's culture has shifted from serving misfit loners to more family-friendly spots.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

The Love Canal disaster exposed the dangers of buried toxic waste

In the late 1970s, residents of Niagara Falls, New York, discovered their neighborhood was built atop 20,000 tons of chemical waste. Leaking toxins caused illness and birth defects, sparking nationwide outrage and leading to the creation of the EPA's Superfund cleanup program in 1980.

The rise and fall of a petrostate

Venezuela’s descent into economic and political chaos in recent years is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

The Rockefellers funded the restoration of Colonial Williamsburg

John D. Rockefeller Jr. and his wife spent millions of dollars restoring Colonial Williamsburg and turning it into the tourist attraction it is today. You can go back in time via video footage from before and after the restoration.

Larry Fink cofounded BlackRock with a $5M investment from Blackstone cofounder Stephen Schwarzman in 1988, before officially severing ties with Blackstone in 1994.