The Fracking Rush Hits a Pothole

Ever heard of Bryan Sheffield? The baby-faced tycoon enjoyed a brief blast of fame a few months ago when he became one of those rare non-tech billionaires under 40.What ignited his rise to the ranks of Americans with money to burn? He owns a company called Parsley Energy Inc. that extracts oil and natural gas using the highly polluting technique known as fracking. Sheffield’s fortune hit the billion-dollar milestone when Parsley went public in May.But a sudden plunge in oil prices quickly spiked the young Texan’s newfound status, trimming Sheffield’s fortune to a more modest $750 million.You see, domestic oil production could hit 9.4 million barrels a day next year. This 42-year high, sparked by a fracking bonanza, is feeding a global glut that’s pushing oil prices down to levels not seen since 2010.Read More.Source: Otherwords/Emily Schwartz Greco