It is an attractive resource now, but in the long run?by Dieter Helm / September 19, 2012 / Leave a comment
Published in October 2012 issue of Prospect Magazine
New gas discoveries have been so significant that they have already begun to transform global energy supply. A shale gas revolution has taken place in the United States. New resources have also been unearthed in Argentina, Russia, China, Australia, the Middle East and Europe. Add in coal bed methane (on a potentially very large scale) and now shale oil, and an era of abundance of both gas and eventually oil may be upon us. We are not going to run out any time soon: indeed, from a climate change perspective, the problem is that we have too many available fossil fuel resources.