The House of Lords Economic Affairs Committee today launched a new inquiry into the economic impact of shale gas and oil on UK energy policy. The British Geological Survey has recently confirmed that the UK has substantial onshore shale gas reserves.
The Committee will consider the possible impact of shale gas and oil on the UK economy following evidence from the United States that suggests that shale gas can be extracted using current technology and make a substantial impact on the national economy and in the areas where production is centred.
The Committee are inviting written evidence on the issue to be received by the 30 September. Questions the Committee are seeking evidence on include:
- How much scope is there for shale gas and oil to be used in the UK? Over what timeframe?
- How will the costs, including those on the environment, of accessing the UK’s shale gas and oil compare to those of other energy sources?
- What is the potential impact of shale gas and oil on the local economies in areas where development is possible?
- What forms of electricity generation is shale gas likely to displace and by how much?
- What impact will shale gas and oil have on household energy bills?
- What effect will the use of shale gas and oil have on carbon emissions compared to other combinations of energy sources?
- Will shale gas and oil increase UK energy security?
- What lessons can be learnt from the US experience of shale gas and oil?