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By Ambrose Evans-Pritchard
Donald Trump is late to the shale party. The fracking boom of the last 15 years has largely run its course as the best seams are exploited and productivity declines.
Even if the geology holds up, the pace of drilling will be set by the global price of oil, the US price of gas and the cost of capital – already higher on market fears of inflationary overheating and debt addiction.
“We will drill, baby, drill. We will be a rich nation again, and it is that liquid gold under our feet that will help to do it,” said the president at his Orwellian inaugural.
US President Donald Trump is late on the shale party.Credit: Bloomberg
He was beaten to it by Barack Obama, Trump 1.0 and Joe Biden. America is already …
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