Book of the Month: July 2021
Bethany McLean, Saudi America: The Truth About Fracking and How It’s Changing the World (Columbia Global Reports, 2018)
Summary: A concise, brisk examination of the financial challenges facing the unconventional oil and gas industry in the United States. Ahead of the curve when it was published, it now approximates the conventional wisdom and is still relevant today.
Key Quote: "The fracking boom has been fueled mostly by overheated investment capital, not by cash flow.” - p. 18
Bottom Line: Read this book if you want to understand the linkage between the Federal Reserve and the North American energy renaissance.
