“The decision by the Northern Territory government to lift the ban on the hydraulic fracturing (fracking) of onshore gas will create jobs, drive down energy prices, and boost economic growth,” said Daniel Wild, Research Fellow at the free market think tank the Institute of Public Affairs.
Today the Northern Territory government announced it will lift the moratorium on the hydraulic fracturing of onshore gas. This move in line with recommendations of the Scientific Inquiry into Hydraulic Fracturing of Onshore Unconventional Reservoirs in the Northern Territory which was handed to the government last week.
“This move will increase gas supply, put downward pressure on energy prices, and provide much needed economic opportunity for Territorians and other Australians.
“Claims of massive environmental degradation resulting from fracking are overblown and serve as a smokescreen to halt economic development. The environmental risks of fracking can be comfortably and safely managed.
“Australia has some of the most plentiful and high quality reserves of natural resources in the world. Yet much of it is locked up by needless red tape and regulation. Governments across Australia should follow the Northern Territory and open up gas reserves for development.
“Blanket bans on certain types of economic activity are simply overkill. Risk-based regulation which accounts for differences between projects is far more effective and less costly,” said Mr Wild.
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