Ed Miliband becomes new energy secretary – DRILL OR DROP?The incoming UK Labour energy secretary promised in its election pledges to "ban fracking for good".
Interestingly, Mr Miliband was also the Labour energy secretary of the UK in 2008-2010 (under Gordon Brown government) who gave out and approved shale gas fracking licenses in 2008 and 2010 to Cuadrilla.
After hundred millions of pound invested in shale gas exploration in good faiths by Cuadrilla and other in the past 15 years to prove up the gas resource. The UK Labour party and Mr Miliband as the new energy secretary have decided to ban shale gas for good.
Sound like socialist Venezuelan Government kind of politics on private capital investment by giving out license to company to do all the hard work and taking on all the risks in proving up the resource and then put a ban on the license without any compensation of loss of investment.
