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High energy prices are staying, like it or not
11:17am Thursday 16th January 2014 in Letters
LETTER from Mr Kerswell (Readers' Times, Jan 2) implies that if only we got rid of green energy policies, we could find new supplies in Britain of cheap fossil fuel.
If fossil fuel prices fall too far then extraction becomes uneconomic. The fall in the price of gas in America, due to a temporary glut in their market, means that shale gas there is now loss making. Any finds of gas in Britain are unlikely to reduce our gas prices which are determined by international markets, as are oil prices.
A falling world oil price would make expensive oil such as that obtained from fracking and tar sands uneconomic, and reduce supplies. Rulers of OPEC countries such as Saudi Arabia want high oil prices for internal stability.
We are stuck with high energy prices and depleting supplies of fossil fuels. The important thing is to recognise the fact, and prepare by minimising travel and transport, draught proofing and insulating our houses and businesses more, growing our own food wherever possible, minimising waste, using waste heat, and investing in community renewable energy.
For more detail read Tom Whipple, retired CIA analyst.
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