Fracking Stirs Protests in the U.K.

Photo of Paul Ausick
By Paul Ausick Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Drilling Rig
Thinkstock
Recent geological studies have indicated that trillions of cubic feet of natural gas may lie in tight shale formations in the U.K. The government has issued some exploration permits to drillers that are trying actively to determine whether the gas is really where the studies say it is and it can be economically extracted by using the hydraulic fracturing (fracking) techniques developed in the United States.

Not everyone is delighted at the prospect. Protests are planned for this weekend at a drilling site operated by Cuadrilla Resources near the town of Balcombe in West Sussex. A group called “No Dash for Gas” is planning to add hundreds of people to local residents and other activists already demonstrating at the site. Cuadrilla has announced that it will halt its operations and will not resume drilling until the company believes it is safe to do so, according to a report in the Guardian.

While protests are aimed at stopping fracking before it really starts in Britain, the government has proposed offering generous tax incentives to drillers. The proposal would cut production taxes from an existing rate of 62% to 30%. The government also is hoping that an offer of £100,000 to towns near exploratory wells and a promise of 1% of revenues from production will stop the protests.

According to the Guardian, public opinion in Britain is divided. Some 44% of Britons say they support fracking in the country while 30% oppose it and the rest are undecided. When asked if they would support fracking in their local area, opponents rise to 40%, equal to the number of supporters.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Top Gaining Stocks

CBOE Vol: 1,568,143
PSKY Vol: 12,285,993
STX Vol: 7,378,346
ORCL Vol: 26,317,675
DDOG Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ Vol: 4,367,433
CLX Vol: 13,260,523
SYK Vol: 4,519,455
MHK Vol: 1,859,865
AMGN Vol: 3,818,618