Shale oil “to boost world economy”

Oil and gas jobsThe BBC have reported that Shale oil production could boost the world economy by up to $2.7tn (£1.7tn) by 2035, according to a report.

The report said that the boost would be due to significantly lower oil prices as the world taps into the energy held in shale rock, cutting costs faced by businesses and consumers. Shale oil production could surge to 14 million barrels per day, or as much as 12% of total oil output from around 1 percent now.

Shale oil and gas have emerged as a viable way to boost energy supplies. However, there are concerns over the process by which the gas is extracted, known as fracking. It has been linked to minor earthquakes, and there are concerns about its impact on the environment.

 

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