The Telegraph: Britain needs shale – so it's time to get fracking
Impressed by the way in which the US has raced ahead with the development of shale gas and oil, the House of Lords' economic affairs committee, which I chair, began an inquiry last October into the potential impact of developing a shale gas industry here in the UK. The current situation in Ukraine and the urgent need to strengthen Europe’s energy security have given our conclusions importance way beyond the economic alone.
The shale revolution in the US has already transformed America's energy mix, cut energy prices, reduced coal use, paved the way for the US to become a major exporter of liquefied natural gas and strengthened energy security. The full effects on world energy markets are still to be felt, but will be multiplied as countries with large shale deposits develop their own resources.
We are convinced that development of the UK’s potentially substantial shale resources should now be an urgent national priority. We fully support the Government’s decision to "go all out for shale", but we are greatly concerned that here in the UK we’ve not yet left the starting gate.