The fracking revolution revived the energy industry in Texas and the U.S., ushering in years of cheap oil and gas. But don’t count on frackers riding to the rescue this time.
Despite oil prices topping $100 a barrel, most shale oil and gas producers are unwilling to ramp up production in a big way. The primary reason: Investors are pushing to hold back spending and stick with slow-growth plans.
They fear being drawn into another boom-bust cycle that wipes out billions of dollars in capital. So instead, oil companies are rewarding their backers with big dividends, stock buybacks and soaring stock prices.
