Canada’s Finance Minister Joe Oliver lambasted the decision by Nova Scotia to ban fracking, saying that the province missed a huge economic opportunity by doing so.
Oliver cited the fact that hydraulic fracturing, the technical term for fracking, has been employed in several provinces with no cases of drinking water contamination being reported. However, he didn’t note the fact that Nova Scotia ban is targeted specifically at high-volume fracking, which consumes high volumes of water than conventional fracking.
“Fracking has been going on in British Columbia, Alberta and Saskatchewan for over 50 years,” Oliver told the press on Thursday in Toronto. “There’ve been 175,000 wells drilled using fracking and not a single case of drinkable water contamination…So the record is long, it’s clear, it’s unambiguous and it’s unblemished.”
The Nova Scotia authorities said on Wednesday that they will prohibit high-volume fracking for onshore shale gas, citing opposition by residents to the practice. The decision drew widespread condemnation from industry groups, which argue the technique is harmless and has huge financial benefits, something Oliver echoed.
The two-year moratorium on fracking was approved by the previous NDP-led administration in 2012 after Nova Scotia residents protested against fracking, along with locals in nearby New Brunswick.
Fracking is a technique that pumps pressurized mixture of sand, chemicals and water into layers of shale rock to free the trapped oil and natural gas.
Meanwhile, a Louisiana parish received a $100,000 grant to finance its legal campaign to ban fracking on Thursday night. St. Tammany Parish was allocated the funds by the Parish Council, which unanimously voted to boost its legal kitty to $125,000. However, while most residents backed the move, a few individuals termed it as a waste of funds.To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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