UK looking to copy US fracking bonanza

fracking bonanza
The Tory-led Coalition government wants a US-style fracking bonanza in the densely-populated UK. But far from displacing traditionally drilled gas and oil, fracking could be an addition to it, as this graph on US coal production shows. As the fracking got under way, US coal exports increased. And where did the coal go? To Britain and India!

Fracking – or hydraulic fracturing, to give it its full name – is the UK’s hottest ongoing energy battlefield. Protests break out almost everywhere that exploratory drilling is due to start. There is considerable opposition to a fracking bonanza in the UK.

Its advocates, which include significant sections of the Coalition government, point to the fracking-led oil and gas boom in the US as showing the UK’s potential for generating cheap fuel, while creating loads of jobs in the process.

They even suggest that an abundance of fracked fuel will help the UK cut its carbon emissions. Meanwhile, they routinely downplay its risks and hazards.

 

Short-term distraction

Opponents, however, claim the US experience shows it to be a short-term distraction from our urgent need to wean ourselves off fossil fuels – and a very expensive, debt-fuelled, environmentally-damaging, water-contaminating distraction at that.

Indeed, the high cost of drilling – the result of each well’s short life-span – has ensured the US fracking industry is saddled with high levels of debt and depressed assets, which is in turn becoming a major drag on continued exploration. Exactly how much of a drag is not clear as the US fracking industry inhabits a regulation-free zone obscured by an enormous corporate PR cocoon.

In addition to this, many of the costs associated with fossil fuels are externalised and are otherwise hidden by tax breaks, subsidies and incentives. And that when these costs are added to the equation, fossil fuel production actually becomes more expensive than the still relatively fledgeling renewable alternatives.

Meanwhile, here’s an interesting piece on the London School of Economics blog about how US coal production, far from being displaced by the shale oil and gas boom, is enjoying an export boom. And where’s the coal being exported to? The likes of Britain and India. Excellent!

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peterbatt

Peter a journalist with 30 years experience of freelance writing, UK national newspaper and magazine production roles, and business development. In 2007, he developed and launched a mainstream-style green consumer magazine in the UK, called GreenerLiving, as a means of promoting sustainable change ‘within the system’. GreenerLiving closed during the post-crash recession, but Peter went on to become managing editor of the international ethical business title, Ethical Performance. However, Peter felt that the CSR sector has not succeeded in changing corporate priorities anywhere near fast enough, and so I decided to leave the treadmill of corporate employment and debt accumulation to focus on my own projects. Now poorer but a billion million times happier, he writes on political, economic and social issues – usually seriously, but sometimes as satire. He's currently writing Psychopath Economics, a book about the logic of social and economic power, belief systems, and the rise and fall of societies. Peter is convinced that ordinary people must educate themselves and exercise their economic leverage if we are to avoid social and environmental destruction.

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