By Kieran Cooke, climate news network
LONDON, 6 January, 2015 − There’s no doubt that US-based fracking – the process through which oil and gas deposits are blasted from shale deposits deep underground – has caused a revolution in worldwide energy supplies.
Yet now the alarm bells are ringing about the financial health of the fracking industry, with talk of a mighty monetary bubble bursting − leading to turmoil on the international markets similar to that in 2008.
In many ways, it’s a straightforward case of supply and demand. Due to the US fracking boom, world oil supply has increased.