By the 21st century, we were back to a…
Boom!
The U.S. was approaching record demand for oil…
World oil demand outpaced supply as Asia entered a new industrial revolution. And the U.S. led the world in new oil-production technologies, like horizontal drilling and hydraulic fracturing… making it possible to recover billions of barrels of oil from previously non- productive rocks. Just as the first well in Pennsylvania changed the oil industry in the 1859, unconventional drilling and fracking forever changed the oil industry in 2005. The price of oil in the summer of 2008 hit $147 per barrel – up from $39 in 2004… an incredible 273% gain in four years.
Fuel prices skyrocketed. Oil drillers spent and borrowed billions to develop new unconventional resources. Gasoline prices exceeded $4 per gallon. The industrial revolutions in China and India, with populations over 1.5 billion each, increased their thirst for oil.
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