"Shale gas is part of the future," chancellor George Osborne told the nation in his Budget speech this week. Mr Osborne reiterated previously announced proposals to introduce tax breaks for shale gas exploration and development, and committed to developing firm regulatory guidelines by summer 2013. These will include proposals that ensure local communities will benefit from shale gas projects in their area.
Unfortunately for the chancellor, shale gas is not yet part of the UK's present. Last week, Cuadrilla Resources, the most advanced company exploring for shale gas in the UK, put off plans to drill and frack a well in Lancashire until 2014. The private company had planned to conduct fracking operations this year but decided to complete a full environmental impact assessment before doing so, in response to growing local concerns.
