While the American oil and gas sector was in the midst of its renaissance over the last decade, it was difficult to imagine a situation in which profits, jobs, and domestic energy production would slow down in any significant way.

Booming oil production was transforming tiny towns in the coldest reaches of North Dakota into some of the nation’s most valuable real estate. And thanks to advanced extraction processes and the discovery of vast new reserves, the United States surged to become the world’s top producer of natural gas. The industry seemed to be on an upward glide path with no end in sight.