By Timothy Mitchell, author of Carbon Democracy (Verso, June 2013).
In the eighteen months since the publication of the first edition of this book, the United States appears to have entered a new age of energy abundance. The extraction of gas and oil from shale formations has led to the most rapid increase in new energy supplies in the country’s history. Political leaders and the news media present this sudden reversing of a thirty-five-year decline in the US production of fossil fuels as a sign of the recovery of the country’s national independence. After the breakdown of financial institutions in 2008 – which erased trillions of dollars in wealth as stock markets, pension funds and property values crashed, and led to the loss of 7 million US jobs in the recession that followed – the energy boom also seemed to promise a return of real wealth. The fragile paper economy of financial speculation and consumer credit would give way to a ‘potential re-industrialization of the US’, built on the solid foundation of expanding material resources. Continue reading