Fracking Buys Time But Doesn't Fix Problem
Hamish McRae, Independent
Does fracking change the fundamentals of the energy market, and if so in what ways? The debate here in the UK about the extraction of oil and gas from shale has focussed on the environmental issues it raises. That is understandable and perhaps inevitable. But whatever we do or don't do will not make a material difference to what the world does and so from a broader economic perspective the big issue is whether the world will see a reversal of the ever-tighter markets for oil and gas.
Does fracking change the fundamentals of the energy market, and if so in what ways? The debate here in the UK about the extraction of oil and gas from shale has focussed on the environmental issues it raises. That is understandable and perhaps inevitable. But whatever we do or don't do will not make a material difference to what the world does and so from a broader economic perspective the big issue is whether the world will see a reversal of the ever-tighter markets for oil and gas.
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