Putin’s threats against Ukraine could reinvigorate the U.S. oil and gas industry

Russian President Vladimir Putin has long made it clear that he is no fan of U.S. shale drilling. But, if he invades Ukraine, he may unwillingly help bring back the American industry.

Like other global producers, the U.S. industry was crushed by the pandemic in early 2020. Oil prices crashed, and prices for crude futures even turned negative on the CME for a brief time. An extremely chastened U.S. industry reemerged, with executives more cautious than ever about throwing money down oil wells and angering shareholders.

The U.S. industry has been…