Videos

UK's Cameron To EU: Don't Stifle Fracking With New Laws

wochit news
|
December 17, 2013 AT 5:44 AM
British Prime Minister David Cameron has warned the European Commission not to propose European Union-wide legislation to regulate the nascent fracking industry, saying such a move could create uncertainty and stifle investment. The rising cost of energy bills is a big issue ahead of a 2015 election and Cameron is keen to tap Britain's large resources of shale gas to shore up the country's energy security as its North Sea oil reserves decline. In a letter to European Commission President Jose Manuel Barroso released on Tuesday Cameron warned that the EU could derail investment in British shale gas extraction, or fracking as the process is known, if it chose to legislate.