Marcellus Shale gas boom (2008–2012)
Hydraulic fracturing opened the Marcellus formation under Pennsylvania and West Virginia, which went from negligible output to about a third of U.S. production in a few years. Supply flooded the market and dragged Henry Hub below $2 per million Btu in 2012.
A gas glut cut prices sharply and squeezed producers who had hedged on higher revenue.
Cheap gas drove a coal-to-gas switch in power generation and built the case for LNG export terminals.
The same pattern is repeating: shale drilling plus pipeline buildout creates supply that outpaces domestic demand, pushing prices down and pushing exports up.
