maxmaximus Posted December 13, 2012 Share Posted December 13, 2012 If they bigged it up by a factor of 10 surely that would be 7 times the UK annual gas demand, so 7 years supply rather than 70 years. Still worth having. I don't understand your 4% figure, but maybe that my maths. ---------- Post added 13-12-2012 at 14:18 ---------- And where better to store carbon than by pumping it down a depleted well. That sounds good to me, can they do it though? Link to comment Share on other sites More sharing options...
Vague_Boy Posted December 13, 2012 Share Posted December 13, 2012 Cuadrilla – the only company yet to have drilled exploratory wells – believes there could be 200tr cubic feet beneath the surface. Maybe, possibly, who knows? I wonder if Cuadrilla are "sexing" it up to attract investment? Link to comment Share on other sites More sharing options...
taxman Posted December 13, 2012 Share Posted December 13, 2012 The government just announced that they will allow exploitation of shale gas and petroleum by the process commonly known as fracking. That's great news for our balance of payments, jobs, gas and oil prices, and last but not least, means lots of work for me. Thought I'd better declare my interest, but all the other positives still apply. This could be another North Sea to allow us to be able to spend our way to prosperity again. Why is it great news for gas and oil prices? "But government advisers warn today that shale gas may be unlikely to bring down energy prices much in Britain. In fact, the Committee on Climate Change warns that relying heavily on gas for future electricity supplies would leave households vulnerable to higher bills in the long run as the price of gas on the international market is volatile. The UK won't benefit from substantially lower prices unless the rest of Europe decides to back shale gas too, as Europe has a gas grid that allows gas to be traded to the highest bidder. The CCC has examined the potential impact on bills of different energy systems and predicts that subsidies to renewables and nuclear would put about £100 on household bills by 2020, but that by 2050 a gas-based electricity system might cost people as much as £600 extra." Link to comment Share on other sites More sharing options...
Anna Glypta Posted December 13, 2012 Share Posted December 13, 2012 Why is it great news for gas and oil prices? "But government advisers warn today that shale gas may be unlikely to bring down energy prices much in Britain. In fact, the Committee on Climate Change warns that relying heavily on gas for future electricity supplies would leave households vulnerable to higher bills in the long run as the price of gas on the international market is volatile. The UK won't benefit from substantially lower prices unless the rest of Europe decides to back shale gas too, as Europe has a gas grid that allows gas to be traded to the highest bidder. The CCC has examined the potential impact on bills of different energy systems and predicts that subsidies to renewables and nuclear would put about £100 on household bills by 2020, but that by 2050 a gas-based electricity system might cost people as much as £600 extra." One would have assumed that a taxman would see a new source of energy as an attractive revenue source for governments, so whilst it may not bring down prices in a European context it will certainly bring down the need for other taxes to be applied. Link to comment Share on other sites More sharing options...
Manlinose Posted December 13, 2012 Share Posted December 13, 2012 The CCC has examined the potential impact on bills of different energy systems and predicts that subsidies to renewables and nuclear would put about £100 on household bills by 2020, but that by 2050 a gas-based electricity system might cost people as much as £600 extra." i know i'm probably missing something obvious - but a £600 increase by 2050 is an annual increase of £16 approx - is that a disproportionately large increase? Link to comment Share on other sites More sharing options...
Nagel Posted December 13, 2012 Share Posted December 13, 2012 Why is it great news for gas and oil prices? "But government advisers warn today that shale gas may be unlikely to bring down energy prices much in Britain. In fact, the Committee on Climate Change warns that relying heavily on gas for future electricity supplies would leave households vulnerable to higher bills in the long run as the price of gas on the international market is volatile. The UK won't benefit from substantially lower prices unless the rest of Europe decides to back shale gas too, as Europe has a gas grid that allows gas to be traded to the highest bidder. The CCC has examined the potential impact on bills of different energy systems and predicts that subsidies to renewables and nuclear would put about £100 on household bills by 2020, but that by 2050 a gas-based electricity system might cost people as much as £600 extra." I don't think the Committee on Climate Change will present an unbiased view with a name like that. Gas prices have come down a lot in the USA due to the exploitation of unconventional gas. In 2008 it was $8 a unit, now it's $3. So why not here too where we actually have more gas than the USA. The Americans have also cut their CO2 emissions by firing their power stations with natural gas rather than coal. It helps all of industry to have cheaper energy. Link to comment Share on other sites More sharing options...
Cyclone Posted December 13, 2012 Share Posted December 13, 2012 I don't think the Committee on Climate Change will present an unbiased view with a name like that. Gas prices have come down a lot in the USA due to the exploitation of unconventional gas. In 2008 it was $8 a unit, now it's $3. So why not here too where we actually have more gas than the USA. The Americans have also cut their CO2 emissions by firing their power stations with natural gas rather than coal. It helps all of industry to have cheaper energy. Because supposedly we have far less gas. Link to comment Share on other sites More sharing options...
taxman Posted December 13, 2012 Share Posted December 13, 2012 I don't think the Committee on Climate Change will present an unbiased view with a name like that. Gas prices have come down a lot in the USA due to the exploitation of unconventional gas. In 2008 it was $8 a unit, now it's $3. So why not here too where we actually have more gas than the USA. The Americans have also cut their CO2 emissions by firing their power stations with natural gas rather than coal. It helps all of industry to have cheaper energy. The CCC are an independent body that advises the Government. The point is, gas prices will not come down as you state. The US is not part of the Europe wide grid, we are, therefore gas can be sold to the highest bidder. Caudrilla may extract gas from British soil (rock) but that doesn't mean it will be sold to British consumers. Link to comment Share on other sites More sharing options...
Anna Glypta Posted December 13, 2012 Share Posted December 13, 2012 The CCC are an independent body that advises the Government. The point is, gas prices will not come down as you state. The US is not part of the Europe wide grid, we are, therefore gas can be sold to the highest bidder. Caudrilla may extract gas from British soil (rock) but that doesn't mean it will be sold to British consumers. But like North Sea oil and gas the revenues and taxes from its extraction will go to the UK tax system and not that of Russia. Link to comment Share on other sites More sharing options...
spilldig Posted December 13, 2012 Share Posted December 13, 2012 :)Brilliant.When they did it in America prices plummeted.Bring it on. Link to comment Share on other sites More sharing options...
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