DEPENDING on who you believe, hydraulic fracturing – or fracking – is the answer to Britain’s energy prayers or an environmental disaster waiting to happen.

Fracking has already revolutionised the natural gas sector in the US, where enormous reserves of gas trapped in shale rock are being unlocked.

Falling gas prices have reduced the threat of inflation and helped support thousands of jobs in other industries.

In the UK, experts believe the gas and oil trapped within layers of shale rock could be worth billions.

The British Geological Survey estimates there is 1,300 trillion cubic feet of natural gas trapped beneath northern England alone. In the south, geologists have located substantial deposits of oil.

However, fracking is not without its drawbacks. The process uses enormous amounts of water mixed with chemicals and there are fears that the technique could contaminate groundwater. There are other worries, too.

In 2011, two small earthquakes were recorded in Lancashire after shale gas fracking tests. Opponents claim fracking is a cruel deception which is distracting energy companies from finding more environmentally-friendly methods of meeting our future energy needs.

But as a company prepares to start fracking in Ryedale, Matthew Hancock, the UK Minister for Energy and Business, pictured, argues shale gas is an opportunity the country cannot afford to pass up. He writes:

‘TWO years ago we discovered that deep under much of Britain laid shale gas that could be used to warm our homes and keep our power stations going.

We don’t know yet how much of this potential can be brought out of the ground. But we do know that if it can be extracted, carefully and safely, there are big potential benefits.

The announcement that Third Energy are proposing to explore for shale gas in Yorkshire is good news for Britain’s energy security, and good news for Yorkshire.

It falls to us to make the most of our energy reserves, and get the best deal for Britain. Just as sixty years ago there were concerns about going into the North Sea to explore for oil and gas, today we are faced with a similar debate around shale gas.

All those years ago we had the confidence to explore in the Northern Sea and we discovered potent, natural energy reserves. Instead of fading away as a seaside resort, Aberdeen became a vibrant hub for the oil and gas industry. Jobs were created, hotels and restaurants opened and visitors flooded in from overseas.

Now we face a decline in offshore reserves, with Britain set to import well over half of its demand for oil and gas resources by 2025. This is a far cry from the heyday of the North Sea where we exported oil, and our energy supplies boosted our economy.

To make us less reliant on imports from abroad, to create jobs and grow local economies, we must explore for shale gas.

Shale is wrapped up in rocks deep underground so we’re not sure just how much of it we’re all sitting on. But we do know it could lead to billions of investment and support thousands of local jobs in everything from building to B&B’s and even with the regulators that ensure the industry is safe.

To make sure that everyone in the community sees the benefits, we have committed to setting up a sovereign wealth fund so the revenues are shared fairly.

A community benefits package means that £100,000 is paid to local communities as well as a minimum of one per cent of revenues from production.

As well as benefitting the local economy with jobs and the direct benefits of the resources deep underground, shale gas can help us to tackle climate change by replacing coal. Alongside renewable energy like solar power, gas is one of the greenest fossil fuels and helps us lower our carbon emissions.

This whole process is covered by a robust regulatory framework. We’ve learnt lessons from abroad and experts and academics agree it’s all safe when properly regulated.

Unlocking the shale gas deep underground is too big an opportunity to pass up. It must be done safely and securely, but we can’t throw that opportunity away.