Britain faces a nasty shock when the global energy cycle turns
Ambrose Evans-Prichard notes, "Britain's energy industry is dying. While the US is striving for self-sufficiency in fuel and power as a primary goal of strategic security in a dangerous world, this country has acted with strange insouciance.
More after the break.
We have let matters drift for so long that half of our nuclear reactors will be phased out over the next nine years with nothing ready to replace them. North Sea oil and gas is a spent reserve. Britain's dependency on imported fuels and electricity has jumped from 17pc to 46pc since 2000.
Energy is becoming a corrosive element in Britain's current account deficit, now 6.9pc of GDP, and the scale of vulnerability has been masked by the slump in world energy prices."
The results will be a devastating energy margin call. While he calls for a mix of energy options, this article focuses on British onshore shale oil/gas. Which if even marginally recoverable should produce "1,300 trillion cubic feet (TCF) of gas resource in the Bowland, enough in theory to replace the North Sea and profoundly change British fortunes.
"Four or five years ago the recovery rate in the US was 10pc and now they are moving towards 20pc. I don't see why we can't do that in the Bowland," Stephen Bowler, the chief executive of IGas. Anything like that would be enough to meet Britain's entire annual consumption of 2.7 TCF through the 21st Century.
This would be a profound change, for the world as well as Britain. To fight terror, we need to maintain the price of oil, and natural gas as low as possible. We will need to stress the anti-democratic oil autarks, and ultimately cause them to reform politically, economically, socially, and even religiously.
Britain could use this energy source, and the war on terror demands its production.
China may have the world's largest shale gas reserves, but Europe and Britain have very large reserves of shale oil/gas. By not drilling these reserves, Europe has been allowing Russia to exercise far too much power over both Eastern, and Western Europe. This has been a terrible decision.
U.S. Energy Information Administration (EIA)
The West needs a serious Come to Jesus on climate alarmism, and we need to begin to tap the shale oil/gas resources throughout the world. This will destabilize the price of oil and gas, and reduce the power of the oil/gas autarks. In turn this will limit the financial resources available to terrorists, and create new cracks in the various waring factions in Islam. In essence, this stress will cause the Shia, and the Sunni to focus on their internecine struggles, and limit Western terror attacks. It should also produce the pressure necessary move the Islamic Reformation forward.