PRESS RELEASE : Banning fracking means risking freezeouts [October 2022]

The press release issued by the IEA on 21 October 2022.

Commenting on the Labour Party’s proposal to ban fracking, Andy Mayer, Energy Analyst at free market think tank the Institute of Economic Affairs, said:

“Banning fracking means risking freezeouts.

“The UK has more than enough gas under our feet to last 50 to 100 years. Gas currently supports 40 per cent of our power system, 85 per cent of domestic heating and most heavy industry. Without affordable alternatives or storage, fracking remains essential for our energy security, and this will remain true for the next 20-30 years.

“The Opposition’s proposal to ban it means substituting expensive, dirtier imports, and losing any tax revenues from development. It increases the risk of the most vulnerable freezing to death next winter. It destroys a potential source of funding for the low carbon transition and increases the national debt and our exposure to volatile international energy prices.

“Advocating this policy during an energy and debt crisis for short-term advantage in marginal seats with a vocal minority opposed to development of any kind, is exactly the kind of politics that have led to the current mess.”