The 14 Words

Monday, 12 August 2013

Myth 1 – Cheaper Energy

Fracking will mean cheaper energy

This myth is perpetrated on a regular basis and it is very seductive – after all who can argue that being able to keep Granny warm in winter isn’t a desirable thing, and obviously anyone who opposes something that will make this possible must be an evil extremist with a hidden agenda.

Oddly enough though, it is often the same people who criticise opponents of fracking for using the American experience to highlight potential health issues, who are trying to extrapolate from the temporary reduction in gas prices in America to show that fracking will mean cheap long term gas prices here in the UK. The words “having” “cake” and “eating” spring very much to mind.

So what can we learn from the US experience

The low gas prices that appear to have bottomed out this year make fracking simply uneconomical for the energy corporations.

In February this year The Independent reported that British Gas’s “decision to scale back its fracking activity comes after US gas futures prices fell 39 per cent in the past year, as a result of greater gas production and milder winter weather.”

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