Ok I have found out the problem. Dracut is not finding a root partition because it is not initializing the volume group that the root partition is on. A quick and dirty fix to this is to add rdshell to your grub configuration file, then dracut will drop into a shell if it doesn't boot. From this shell, you need to enter:
and then exit the shell by entering "exit". The kernel will then boot just fine. I do not think this is good fix, as you need to do this every time you boot. If anyone knows how to make this command run at boot by default, please share.