Millions of households could see a “massive boom” in cheap energy, as Britain is sitting on huge reserves of shale gas, which is extracted by creating small explosions underground, and then injecting chemicals into the ground to release gas.
Mark Todd, founder of Energyhelpline.com, said that if Britain switched to shale gas, it could “dramatically change the global energy market and drive down gas and electricity bills in the UK”.
He added: “We could turn back the clock on energy prices which have soared and are currently expected to keep rising.”
This prediction comes after a recent report found that Britain is sitting on huge reserves of shale gas. The country could potentially follow in the footsteps of the USA, which has turned to fracking.
Price of oil could be cut in half
According to experts, should Britain go down this route, gas would become the primary fuel for power stations.
John Llewellyn, former head of international forecasting at the Organisation for Economic Cooperation and Development, commented that UK oil price forecasts underestimate how much of an impact turning to fracking would have.
He added that a shift in markets between now and the year 2020 could see oil prices driven down by half, and described fracking technology as “gamechanging”.
Fracking and the environment
Environmental campaigners claim fracking is harmful to the environment as it can lead to the release of methane. This gas has also been linked to a number of health issues.
During the fracking process, wells are drilled as deep as 8,000 feet. Fluids are pumped down to create fissures in the rock, which then allows natural gas to be released and pumped back up to the surface and collected.