UN Framework Convention on Climate Change
Debate between Andrew Turner and Tim Yeo(11 years, 8 months ago)
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Mr Andrew Turner (in the Chair)
Order. Will Members on both sides of the Chamber ensure that interventions are brief?
Mr Yeo
The hon. Gentleman makes another telling point, which is that a US exporter of shale gas, or any other form of gas via LNG, will sell it in the market in which it can get the best price. It is likely, in my view, that we will see regional gas pricing, with the US, and perhaps north America generally, enjoying a very low price, western Europe enjoying perhaps a middle price and Asia possibly an even higher price, depending on how discoveries go. At any rate, there is absolutely no reason why the US should not sell its gas to the highest bidder. Therefore, it will enjoy an even greater competitive advantage if the rest of the world says, “Okay, let’s all just rely on gas,” because the demand for gas will become greater and greater.
I will conclude my remarks rather than take any more interventions, because I am keen to hear what my colleagues have to say.