Shale Gas Extraction
Debate between Simon Lightwood and Jacob Rees-Mogg(2 years, 3 months ago)
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Mr Rees-Mogg
The hon. Gentleman is making the argument for fracking. If there is that amount that we can get out, we should get it out as quickly as possible, and then we should ensure that it is distributed properly so that the people who are affected benefit, so that the companies that have invested benefit, and, yes, so that the taxpayer benefits. The oil and gas we get out of the North sea has been an enormous benefit to the taxpayer and has helped us have energy security. It is a beneficial thing to do. As regards the economics, it is straightforward: private companies will not invest if it is not a good deal. That is the basis of economics, and it is the right basis of economics.
Simon Lightwood (Wakefield) (Lab/Co-op)
I do not know about you, Mr Speaker, but I am sensing some tremors of dissent on the Conservative Benches. Fracking is expensive and dangerous, but it is also a disaster for our climate. Does the Secretary of State recognise that, if every country matched his plans to extract every ounce of gas, the planet would warm by 3°, spelling climate disaster? Does he not understand that this is a plan born of climate denial and economic illiteracy?
Mr Rees-Mogg
This is an alternative replacement source for gas that we are going to use anyway. It is not increasing our demand for gas, and the hon. Gentleman misses the ABC of economics.