When it comes to energy, the UK is a fortunate country. First coal, then oil and gas in the North Sea, and now shale gas. It is still too early to say whether shale gas represents anything close to the wealth creation opportunity which came from the North Sea. But it is becoming clearer that the resources base is huge. The report published this week covered just part of the North and Midlands and came up with a central estimate of 1,300 trillion cubic feet. We have to wait, for reasons which are not completely clear, to see the estimates for the rest of the UK.
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