Few countries can afford to turn away from the prospect of developing 5bn bbl of oil, but France, as ever, is exceptional. François Hollande, the socialist president, has refused to allow hydraulic fracking. In France, fracking is associated in the public mind with shale gas – a form of energy which is thought of, alongside Anglo-Saxon banks, McDonalds and other manifestations of globalisation, as fundamentally un-French and therefore bad.
France has plenty of shale gas which will now never be developed, presumably. The president’s announcement did not mention the country’s ‘tight oil’ resources. The question being asked in Paris is whether Mr Hollande knew just how great the prize of tight oil could be. Read more