Like many people with concern for the environment, I am deeply opposed to fracking. This profoundly destructive process fuels demand for carbon based fuel that we do not need, and should not burn, whilst polluting and causing landscape devastation, as well as earthquakes.
The good news (and there always has to be some) is that this crisis will see the end of fracking, probably for good. With oil prices now getting as low as $20 a barrel in the USA there is already a glut of oil in the world that the Saudis have no intention of removing.
This, of course, reduces worldwide inflationary pressure.
It also destroys the economics of fracking, which have always been almost incomprehensible given the massive up front costs and the remarkable fall off of yield after only a couple of years of production. Now they simply don’t make sense, in the USA or anywhere else.
I would never have wished for this crisis: no sane person would have done. I am not celebrating anything about it. But I am pleased that we might see the end of this particularly destructive and harmful process as a consequence of it. The end of fracking cannot come too soon for the sake of the world that we live in.