THE INSTITUTE of Directors today welcomed the findings of a House of Lords committee’s report into the economic benefits of shale gas, which said development of the resource could improve energy security, create jobs and drive down prices.
“This report makes a conclusive case for the benefits of getting the British shale gas industry up and running as quickly as possible,” said Dan Lewis, senior energy policy adviser at the IoD.
The report, undertaken by the Lords economic affairs committee, said that shale gas would bring “substantial benefits” to the UK’s economy and urged for a simpler regulatory framework to speed up the industry’s progress.
While the US has undergone a shale gas revolution, the UK has not yet progressed past the exploration phase.
“A successful shale gas industry in the UK would be good for our economy and energy security,” Lord MacGregor, chairman of committee, said in a statement.
The UK government has been vocal in its support for shale, despite environmentalists’ concerns that the hydraulic fracturing technique used to extract the gas causes earth tremors. The Lords report said improved regulations would help address these concerns.