Too early to call whether UK shale gas will reduce energy prices

Exploiting the UK’s shale gas resource will mean better energy security and boost tax revenues, but it is too early to predict if it will reduce energy prices.

The US now has the cheapest gas market in the world after beginning to produce shale gas domestically.

If the resource in the UK turns out to be recoverable and the related concerns can be resolved then there is a chance that the rise in energy prices can be slowed, however if the UK made a policy decision based on this chance that would be wrong.

The report from the Energy and Climate Change Committee states that emissions must be controlled and that carbon capture and storage will be important in this.

Shale gas is not going to be the answer for our energy problems but could be great for the UK economically, providing jobs in areas of deprivation and high unemployment.

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