Fracking guaranteed product, but not profit. Dry holes became obsolete. Every frack could yield gas, if not oil, too. Supply again became functionally unlimited, of oil and especially of gas. Risk-seeking money fled from the markets, the price collapsed. Material shortages may be avoidable forever. Limiting factors will be political. Russia has equally vast reserves—actually much more than the US, though at that scale it hardly matters. If markets were driven by pure supply and demand, gas would be cheaper than water, much cheaper in many places. But that price point is too low to support profits, given the capital cost of fracking and associated infrastructure. Higher prices are required “for the good of the industry,” as