Cameron urges EU to embrace shale gas

Shale gas could be a fresh driver for economic growth, leaders in Europe should not set "burdensome" regulator policies on its exploration, said British Prime Minister David Cameron on Friday in Davos. Cameron said that shale gas had brought tremendous benefits to American economy, reducing industrial gas prices to about one quarter of those in Europe and creating a million more manufacturing jobs as firms build new factories. "If European Union, member states, placed burdensome, unjustified or premature regulatory burdens the on shale exploration in Europe, then investors would quickly head elsewhere ...... Europe will be dry," warned Cameron. He said that shale gas could have lower emissions than imported gas, "if done properly", and would be another vital opportunity for human future besides renewable energies. "I understand the concerns some people have," said the prime minister, "We need the right regulations, such as ensuring that well casting are set at the right depths with tight seals, and government need to reassure people that nothing would go ahead if environmental dangers were present." He suggested that U.S. GDP would be on average close to half a trillion U.S. dollars higher every year between 2008 and 2035 because of shale. "That is the scale of the opportunity, and that is what Europe leaders, European countries must be considering," he said