A U.K. energy analyst notes that Britain is in the same place with hydraulic fracturing, or fracking, that the United States was in way back in 2001. Commercial development of the country’s tight gas resources is at least five years in the future and, perhaps, longer given the resistance to fracking that could develop.
Another British energy firm, Caudrilla, estimates that as much as 200 trillion cubic feet of gas may lie within its license area in northwest England. As much 400 trillion to 500 trillion cubic feet of natural could be present, enough to meet the United Kingdom’s needs for more than 100 years at the current consumption rate of about 3 trillion cubic feet a year.
Environmental groups like Friends of the Earth have begun arguing that fracking is both dirty and unnecessary, saying that the country should concentrate investment in renewable energy. Opposition will coalesce as exploration companies get closer to drilling, but that is likely only to slow the process, not stop it.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.