{"id":4479,"date":"2014-08-22T12:23:53","date_gmt":"2014-08-22T11:23:53","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=4479"},"modified":"2014-09-03T21:19:20","modified_gmt":"2014-09-03T20:19:20","slug":"one-thing-learnt-week-fracking","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=4479","title":{"rendered":"One thing we have learnt this week – fracking"},"content":{"rendered":"

\"DSC_1715\"<\/a>Fracking has been in the news again this week.\u00a0 An anti-fracking camp has been set up near Blackpool, Ineos have announced they have bought all the fracking rights in Central Scotland and protesters glued themselves to DEFRA’s entrance<\/a> in London amongst other things. Ineos a somewhat controversial company want the gas to run their oil refinery at Grangemouth.\u00a0 Last year they got UK and Scottish government money (mostly UK money) to keep their refinery open.\u00a0 The money is to be used to build an import terminal for cheap foreign gas.\u00a0 The fracking is a means of hedging their bets.<\/p>\n

Its not easy to find the wholesale price of gas in the UK but one of the small providers does put it up.\u00a0\u00a0 Natural gas prices projected one year in the future have fallen a lot since January being high and remarkably stable up until then.\u00a0 Ineos are right to be worried though, the price falls over the summer and we had a mild winter.\u00a0 Russia has cut gas supplies off to the Ukraine, this has little impact yet because of low summer demand and Ukraine’s declining indigenous production, but expect trouble this winter*.\u00a0 With reserves being possibly at a peak<\/a> even with shale gas, prices can only move up.\u00a0 Where I think Ineos are wrong is to put their faith in fracking.\u00a0 Its highly likely that trying to start fracking in the most crowded part of Scotland will not go down well and lead to mass protest.\u00a0 The process will not be as easy as they think and as we outlined in our book<\/a> the fact that wells deplete very fast only puts back the day a little when you have to manage without gas.<\/p>\n

Neil<\/p>\n

* much of the remaining production is both Crimea and Western Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fracking has been in the news again this week.\u00a0 An anti-fracking camp has been set up near Blackpool, Ineos have announced they have bought all the fracking rights in Central Scotland and protesters glued themselves to DEFRA’s entrance in London … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[29,30,12],"tags":[],"class_list":["post-4479","post","type-post","status-publish","format-standard","hentry","category-energy-costs","category-fracking","category-gas"],"yoast_head":"\nFracking again<\/title>\n<meta name=\"description\" content=\"Fracking has been in the news again this week. 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