Financial Times: Backing fracking

Shale gas may or may not be the miracle cure for the UK’s pressing energy needs. There is too little certainty about how much of the gas that lies trapped between layers of rock deep underground can be extracted for commercial use. But the government’s decision to lift the moratorium on shale exploration is a welcome first step to finding the answer.

The world has looked on in envy as America’s shale gas revolution delivers a once in a generation competitive boost to US industry. The cost of natural gas has fallen by almost two-thirds in four years. Britons now pay nearly three times as much for gas as Americans. This disadvantages UK consumers and businesses alike.

But concern over the environmental impact of the controversial practice of fracking runs high in the UK. Critics point out that Britain is more densely populated, making it difficult to extract gas without upsetting those who live close to drilling operations. The 18-month moratorium was imposed after the process of injecting water, sand and chemicals underground to break up shale rock sparked minor tremors on the outskirts of Blackpool.  MORE