Net Zero Watch has called on Boris Johnson to declare an energy emergency.
The announcement comes as fears grow over a looming energy and energy security crisis, with spiraling prices hitting industry and consumers hard, and some security analysts warning that it will be necessary to shut down large manufacturing businesses over the winter.
Net Zero Watch director Dr. Benny Peiser said:
“We have only one way out in the short term, and that’s for Britain to start using the UK’s massive gas resources. Households and businesses are being hit hard by high gas prices, and the only way to reduce them is to develop our domestic supply. What is worse, electricity prices are set by the gas price, so consumers have a double whammy. And high energy prices are driving up inflation, so in reality, it’s a triple whammy.”
The British Geological Survey estimates that the total volume of shale gas in the Bowland shale basin (pictured below) is between 820 and 2,200 trillion cubic feet, with a central estimate of some 1,300 trillion cubic feet.
It is estimated that if 25 trillion cubic feet of this huge resource could be recovered it would be worth £625 billion at current gas prices.
Net Zero Watch says that the government needs to reverse course on its energy policy as a matter of urgency and put energy costs and security of supply at the center of national security.
Dr. Peiser said:
“A secure domestic energy supply is vital. That means treating Britain’s shale gas resources and its exploration as national security and infrastructure asset.”
“Even if the shale gas moratorium was lifted tomorrow, it would take at least 12 months to get the gas flowing. But the Government needs to take strong steps now, in order to send out a clear signal to investors. Otherwise, the energy and cost of living crises will become permanent, posing an existential threat to this government.”
It is really ludicrous for the UK to be sitting on a huge deposit of natural gas and be facing an energy crisis. The problem is the environmental extremists stopped the development with ridiculous claims which included fracking causes earthquakes. By the way, these extremist organizations have received funding from Russia to appose developing the local natural gas.
The weather forecast says that we should have drilled for gas a year ago. Brilliant.