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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (180882)	10/9/2013 3:25:35 PM
From: tom pope	1 Recommendation Recommended By dvdw© Read Replies (2) \| Respond to of 206104

It's a religion... The European Parliament on Wednesday voted for new EU laws requiring that exploration for potential deposits of shale gas to face the same environmental regulation as a full-scale oil drilling. Struan Stevenson, a Conservative MEP who sits on the European Parliament's environment committee, warned that the plan could strangle the nascent fracking industry in Britain. Fracking, which involves fracturing rocks deep underground with water, sand and chemicals to extract natural gas, has dramatically cut energy bills in the US, and Conservatives ministers hope that it could do the same in the UK. With as many as 40 permits for fracking expected to be granted in the next two years, ministers are also anticipating significant tax revenues from operators. Mr Stevenson warned that all those hopes could be dashed if the European Parliament’s demand forfull Environmental Impact Assessments for fracking projects is met. “This would be a huge burden and will prevent the exploitation of Britain's massive shale reserves,” he said. “Targeting exploration in this unnecessary way amounts to stifling the potential benefits at source. We must stop this over-zealous attempt to place a dead hand on the process of exploration before it even gets going.” The MEPs’ plan to regulate fracking will be discussed by Europe’s environment ministers next week. The use of fracking technology means that the United States is paying half the European price for wholesale gas, driven up by expensive imports at a time when state subsidies for renewable energies are pushing up energy costs across Europe. The average household energy bill in Britain is now £1,300 a year, twice what it was 10 years ago and shale gas exploitation is regarded as crucial to pushing prices down.<snip>