The last thing that the NB economy needs is another short-lived industry that rips out our natural resources, adds no value and sends profits elsewhere for stockholders, while the province is left with cleaning up a devastated landscape.
Shale gas drillers have produced a lot of product, but they’ve never made a profit. Shale gas is expensive to produce, but prices are low. Over time expenses increase, as the easy-to-get gas is extracted first. Shale gas extraction will become a dead-end industry. We are nearing the end of the age of fossil fuels; investment in them is decreasing around the world. The threat of climate change means that the industry will continue to shrink, and long-term investments – like starting a new shale gas project – run a huge risk of ending up worthless.
In contrast, renewable energy becomes ever cheaper as the technology improves. Smart provinces will support businesses of the future.