Would fracking really lower energy bills?

This week Prime Minister David Cameron has announced that he is in favour of fracking for shale gas in Britain. He states that without it the UK could “lose ground” in the “tough” global race for economic success. Once its benefits are explained Cameron feels there is no reason that the public wouldn’t support it. His statement comes from a retaliation of fracking for shale gas from the village of Balcombe who have been a focal point of protests against fracking.

Fracking which is the term for hydraulic fracturing, involves drilling deep underground to release a high pressure mix of water, sand and chemicals that crack rocks and release the gas stored inside. Environmentalists are therefore concerned that this process could cause small earthquakes, water contamination and inevitably damage the environment.

He compared the USA’s gas prices to the UK’s and stated that with the 10,000 fracking wells they open each year their gas prices are three and a half times lower. Experts in this field disagree as unlike the US, the UK is part of the European gas market and bills would not decrease.

With the fracking system, communities that are near an exploratory well would benefit from £100,000 that energy companies have agreed to pay. Another way of an attempt to persuade the UK was that Cameron feels fracking will not damage the countryside and that “international evidence shows there is no reason why the process should cause contamination of water supplies or other environmental damage, if properly regulated.” He goes on to say, “The huge benefits of shale gas outweigh any very minor change to the landscape.” Cameron also states that as well as reducing energy bills, thousand of jobs could be created as well.

Sourced from BBC News