News articles about fracking often focus on perceived benefits and ignore the costs. The vision of an energy-independent Britain, free of the growing problems of overseas fuel dependency, is deeply alluring. However, many people don’t realise than if fracking were to take hold in the UK, the gas wouldn’t all be ‘ours’ to use as we please – it would have to be sold on the open market, just like any other commodity, and would be sold to the highest bidder. Indeed, many other countries such as France are already lining up to buy fracked UK gas if it ever materialises.
Furthermore, as is being increasingly reported in financial newspapers and blogs, problems are emerging with the shale narrative. An article in the Guardian Economics Blog identifies five hidden costs to fracking: economic risk; local environmental cost; global environmental cost; social cost, and opportunity cost. To find out what these are, please read the article by clicking here.