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Coronavirus may be the straw that breaks the back of oil fracking

Posted On: Feb 15, 2020   |   Posted By: Fortune

Coronavirus may be the straw that breaks the back of oil fracking

Consumers have some good news at the service station. Prices at the pump for gasoline and diesel are down about 6% since the beginning of the year. For that they can thank the coronavirus outbreak-although it comes at the heavy cost of almost 47,000 people ill and 1,369 dead so far according to the Feb. 14 statistics from the World Health Organization .
At $2.42 regular and $2.91 diesel, these aren't the lowest prices ever, but they are a big change from the respective $2.90 and $3.17 in the first week of May 2019 and a respectable drop from the $2.58 and $3.08 of the first week in January.
The continuing drop from the 2010s is owed in large part to expanding oil supplies, largely through the controversial method known as hydraulic fracturing, commonly called fracking, a talking point in the 2020 presidential campaign. High-pressure water and chemicals pumped deep underground crack shale rock open, releasing trapped oil for extraction.
“People don't understand how important the oil...

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