A decade ago, oil and natural gas stocks in the United States were already struggling.
The world was experiencing the worst drought since the Dust Bowl and the price of oil was plunging.
The fracking boom was also driving up prices for crude oil, which has been a major driver of US output since 2007.
And the US had just been plunged into a global economic crisis that sent unemployment soaring to record levels.
So it was hardly surprising that stocks in oil and energy were in decline, as was their share price.
That changed in 2017, as the global economy emerged from the worst downturn in decades.
With the recovery in full swing, US energy stocks shot up.
Now, the stock market is up more than 100% since its low in 2009.
How did it happen?
The oil and geothermal industries were hit hard in 2017 as the price for oil plummeted.
That’s because there’s a lot of drilling in the US that is producing oil, but not geothermal, according to Bloomberg New Energy Finance.
In 2017, oil production in the oil and shale fields was about one third of what it was in 2010, when the peak in production took place.
This meant that the US was producing less oil, because more drilling in shale was needed to keep production at its current level.
The result was that the price fell for oil.
In 2018, that’s exactly what happened.
In a report released in December, the New York Fed pointed out that the drop in the price has not helped the oil sector as much as the shale boom.
The US economy is still a very complex, multi-faceted and complex business, and as long as the overall picture remains as complex as it has been, it will be hard to see a return to a healthy oil and/or natural gas price.
But with shale producers still pumping, the market is beginning to turn around.
It’s still very expensive to drill wells, and some analysts expect that to keep happening for a while.
But the rebound in the stock markets has allowed drillers to get a boost.
The shale boom, which had been driven by cheap gas, is now in full flow.
The cost of gas has dropped by as much or more than expected.
The price of gas also fell because of the fracking boom, and because of other factors.
The energy boom is also making the US energy more affordable, and making it easier to export.
The Federal Reserve has been pushing for more easing in monetary policy, so that prices can fall.
So the US economy may finally be recovering from the economic crisis and a sharp decline in oil prices.
The next big story on New Scientist is the research and development programme for new technologies.
It is funded by the National Science Foundation.
The programme is also the centrepiece of the New Scientist’s Science, Engineering and Technology programme, which is funded under the Department of Energy.
The first article in the Science, Energy and Environment series is by David Wills.