George Osborne Gives Green Light For Shale Revolution

(Before It's News)

George Osborne, the UK Chancellor, today confirmed the UK will give chase to a US-style shale gas boom by consulting on what tax incentives to give the controversial fuel source and creating its own department, a new Office for Unconventional Gas. The move will give certainty to developers in the UK including Cuadrilla Resources whose CEO recently suggested they would not wait forever to invest in the UK. However it is sure to be a bitter blow for environmental campaigners opposed to “fracking”. –Vicky Ellis, Energy Live News, 5 December 2012

Today we publish our Gas Strategy to ensure we make the best use of lower cost gas power, including new sources of gas under the land. We are consulting on new tax incentives for shale gas and announcing the creation of a single Office for Unconventional Gas so that regulation is safe but simple. We don’t want British families and businesses to be left behind as gas prices tumble on the other side of the Atlantic –George Osborne, House of Commons, 5 December 2012

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