In his State of the Union address to the nation, President Obama reassured the American people that they would have an energy-secure future. He informed them it was intended to go "hell for leather" in the exploitation of national shale gas resources which would guarantee US energy security for decades to come and help create 600,000 new jobs. Already production of shale gas has enabled the USA to cut all imports of liquefied natural gas, particularly from the Middle East. It is estimated that shale gas will meet half of USA gas demands within 15 to 20 years.
Shale gas is to be found in underground reservoirs extending for thousands of square kilometres throughout the world. There are estimated to be worldwide reserves of shale gas, equivalent to 3 trillion barrels of oil. According to the International Energy Agency, based on current demand, there are only 60 years of worldwide reserves of natural gas. However, the availability of shale gas will extend gas reserves to more than 250 years.
The potential of shale gas has been known for some time but it is only in recent years that technological improvements used in its extraction have made it economically viable.
It emits 30% less carbon than oil and 60% less than coal when used for power generation and is a much cheaper alternative to wind and solar power which currently require considerable consumer subsidies.
In Britain, test drilling has identified a huge reserve of recoverable shale gas in North West England. Preliminary results have been rewarding but the hydraulic fracturing – "fracking" – process used to unlock the gas from shale rock has alarmed environmental groups who warn that it will cause earthquakes, despite research to the contrary carried out at Durham University Energy Institute. Quadrilla Resources Ltd has been granted a license to carry out exploration throughout the 1,200 sq km of the Bowland Basin in Lancashire which, they assess, holds at least 200 trillion cubic feet of recoverable shale gas reserves. They intend to seek Lancashire County Council approval to "frack" for gas at a site at Lytham St Anne's, near Blackpool.
The success of shale gas extraction in the USA over the past two years has almost halved the price of gas, thus encouraging investment in new businesses and manufacturing which has contributed to a considerable reduction in unemployment. Britain, which is dependent upon costly gas imports and is concerned about the security of its energy supply, has need for a similar shale gas boom to stimulate the economy and get the country back to work. Undoubtedly green energy campaigners, who over recent decades have pressured our government into taking the expensive road to a low carbon green economy, will not be happy but those of us who wince every time the fuel bill falls through the letter box will rejoice.