Shale beds now account for more than a quarter of US natural gas production, up from 1 per cent in 2000. Its unconventional oil and gas production is worth $238 billion, creating 1.7 million jobs.
The consequent lower energy prices reduce US industry’s costs, giving it a competitive advantage. Four years ago, Europe’s gas prices were about the same as the USA’s. Now industry and consumers in EU member states pay twice as much for electricity and three times as much for gas.
Research from Public Health England found that fracking poses no serious medical risk. A study by the water industry confirmed fracking will not contaminate the water supply. But the environmental lobby ignores the evidence and is doing its worst to stop us developing our shale resources. ■