The following is an excerpt from the Atlantic Institute for Market Studies‘ latest newsletter.
The current environment on hydraulic fracking in New Brunswick is simultaneously stagnant and controversial. But it need not be either.
AIMS jumped into the discussion by inviting a renowned hydraulic fracturing expert, Michael Binnion, to speak in Moncton, New Brunswick, on October 30. The event was marginally protested by the Council of Canadians and other groups. Binnion’s message to the crowd of 50 was clear: hydraulic fracturing is an economically viable and safe environmental practice.
Binnion called attention to some of the recent environmental technologies that have revolutionized shale gas exploration, giving pause for thought about how Atlantic Canadian governments could safely balance environment with robust energy development. The benefits are numerous. As AIMS’ board member Todd MacDonald recently pointed out in a Chronicle Herald story, electricity rates have dropped dramatically in the United States as a result of shale gas exploration. Yet, in Nova Scotia, New Brunswick and Newfoundland and Labrador, government policies banning fracking have driven up power rates. By importing shale gas from the U.S, these governments are effectively sending money to the U.S while raising our bills even higher.