An interesting piece by John Gleeson on shale gas and fracking (Coast Reporter, Feb. 15).
Canada has grown rich by exploiting its natural resources. The last time I looked, 60 per cent of the TSX by value came from energy, mining and forestry companies. Canada will continue to exploit its resources at a high cost to the environment. The country now has around $4.7 trillion in sovereign, household and other debt. All provinces but one have budget deficits. Our major trading partner, the U.S., is now exploiting its shale by fracking and, if the present program continues, will become self sufficient in oil and gas.
Major shale deposits have been and are being exploited around the world. According to the British Geological Survey, the U.K. has enough shale gas to heat every home for 1,500 years. I only know of one country that has banned the use of fracking, and that is France. Faced with the levels of debt that exist here and elsewhere around the globe, politicians of all persuasions will exploit any and every opportunity to increase revenues.
Slowly the U.S. market will diminish for Canadian energy exports.
There is no other opportunity that competes with the exploitation of shale by fracking. This is a game changer.
Paul Rhodes, Sechelt