Let’s get fracking

Let’s get fracking

The issue of fracking has been a controversial issue of late with protests against it.  Supporters of the method of extracting shale gas say it is vital as it produces cheap energy, which homes and businesses desperately need.  Critics of fracking say it will be a blight on the countryside and that it may contaminate water supplies.  One of fracking’s biggest virtues is that it will drive down energy prices, as the cost of living rises energy bills have also gone up making it harder and harder for families to pay their bills.  Businesses, particularly high energy businesses such as the steel and chemical industry are crying out for cheaper energy because not only do they have to pay a ridiculously high carbon tax they also have huge energy bills. Fracking is not a quick fix either, it has been estimated that underneath Britain there is around 1,300 trillion cubic feet of shale gas, even if we only extracted a tenth of the countries estimated quantities of shale gas it would last us half a century.

Another advantage of fracking is that it will create much-needed jobs, a recent study said that the shale gas industry could support 750,000 jobs plus the extra jobs it will produce in through increased spending in areas where fracking takes place.  Fracking will take place all over the country but it could be a real boost to the North as cities such as Hull have needed something like fracking to create jobs and really revitalise the city.  Many are worrying that it will be a blight to the country side but fracking wells are smaller than oil or traditional gas wells which have been operating in this country for years.  Plus it will significantly lower our dependence on foreign oil and gas imports which is good because the price of these imports can be extremely volatile.

Fracking can also be used to redevelop areas close to fracking wells as companies have agreed to pay communities situated near exploratory wells £100,000.  Now in the grand scheme of things this is not much but if Shale gas is discovered local communities get 1% of the profit which could be as much as £10 million, this sort of money can be used to really help local communities by redeveloping schools, lowering council tax or keeping open libraries or swimming pools.  This is not including the increased revenues of local businesses who will benefit from the extra jobs coming to the area.  One of the most disturbing problems with fracking is its potential to contaminate water supplies however this will not happen is fracking is done properly and the industry is properly regulated.  If properly regulated fracking could be just the type of shock our economy needs to get it moving again and more importantly with recent reports that the UK could be soon facing blackouts we need something to keep the lights on and fracking could be that something.