Ok…..now I have your attention!
Let’s clear this up before I carry on. I personally, don’t like fracking, I worry about not only the pollution it could potentially cause in the near future, and worry about the structural integrity of the rocks fracked. My main worry is what is being left behind for future generations to deal with. In hundreds of years time, who is going to control who drills where, who digs where? I have similar issues with carbon storage, but that’s a different topic.
The reason for the picture stating a polar bears loving fracking? Because of fracking, oil exploration in the Arctic is not financially viable, and is also partially due to the uncertainty surrounding the US’s federal governments support for Arctic development. In turn this has lead to a more local region stating that due to the US’s glut of oil from fracking means Wales will also have no cause to frack there either. Professor Calvin Jones of Cardiff Business School has stated that oil prices would need to “quadruple” before companies in the UK would initiate fracking here.
US fracking is also stopping the Middle East from increasing their oil prices, due to instability, as there is a huge glut of oil being produced, which leads onto my next point:
Will we see cheaper fuel prices?
Well I hope so, but we won’t see a huge difference as 60% of oil prices are taxes. One article by Wolfe Richter suggests that production of oil is more than what is needed and the US’s capacity to store the oil is nearing, in fact he state it’s a matter of months away (three). He also suggests that this will drive prices further down.
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