Banning fracking means risking freezeouts
21 October 2022
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In the Media
Mark Littlewood quoted in iNews
21 October 2022
Government and Institutions
Neil Record writes in The Telegraph
25 October 2022
Economic Theory
11 November 2024
Commenting on the Labour Party’s proposal to ban fracking, Andy Mayer, Energy Analyst at free market think tank the Institute of Economic Affairs, said:
“Banning fracking means risking freezeouts.
“The UK has more than enough gas under our feet to last 50 to 100 years. Gas currently supports 40 per cent of our power system, 85 per cent of domestic heating and most heavy industry. Without affordable alternatives or storage, fracking remains essential for our energy security, and this will remain true for the next 20-30 years.
“The Opposition’s proposal to ban it means substituting expensive, dirtier imports, and losing any tax revenues from development. It increases the risk of the most vulnerable freezing to death next winter. It destroys a potential source of funding for the low carbon transition and increases the national debt and our exposure to volatile international energy prices.
“Advocating this policy during an energy and debt crisis for short-term advantage in marginal seats with a vocal minority opposed to development of any kind, is exactly the kind of politics that have led to the current mess.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
Further IEA reading:
‘On fracking, the ‘climate blob’ remain in control’, authored by Andy Mayer
Energy Crisis: Time to frack? | IEA Podcast, watch here.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties
“Banning fracking means risking freezeouts.
“The UK has more than enough gas under our feet to last 50 to 100 years. Gas currently supports 40 per cent of our power system, 85 per cent of domestic heating and most heavy industry. Without affordable alternatives or storage, fracking remains essential for our energy security, and this will remain true for the next 20-30 years.
“The Opposition’s proposal to ban it means substituting expensive, dirtier imports, and losing any tax revenues from development. It increases the risk of the most vulnerable freezing to death next winter. It destroys a potential source of funding for the low carbon transition and increases the national debt and our exposure to volatile international energy prices.
“Advocating this policy during an energy and debt crisis for short-term advantage in marginal seats with a vocal minority opposed to development of any kind, is exactly the kind of politics that have led to the current mess.”
ENDS
Notes to editors
Contact: media@iea.org.uk / 07763 365520
IEA spokespeople are available for interview and further comment.
Further IEA reading:
‘On fracking, the ‘climate blob’ remain in control’, authored by Andy Mayer
Energy Crisis: Time to frack? | IEA Podcast, watch here.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties
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