Dear Fracking: Happy 65th birthday! Love, Breitling Energy
The oil and gas industry is celebrating a milestone this week: the birth of hydraulic fracking.
The controversial process of pumping water underground to release gas—which has helped grease the resurgence of U.S. energy production—was created 65 years ago. By all indications, the old girl is aging well: fracking has generated a surge in shale vaulting the U.S. into the upper strata of global oil and gas producers.
The first fracking patent was issued in 1949, with exclusive rights granted to Halliburton Oil Well Cementing Co., an early incarnation of the oil and defense contracting giant.
During the first year, 332 fracking wells sprang up across Oklahoma and Texas which led to a 75 percent jump in production.