Finance Minister Joe Oliver Against Nova Scotia’s High-volume Fracking Ban

The Canadian Press reported that Joe Oliver, Canada’s minister of finance, believes Nova Scotia will miss out on an economic opportunity by banning high-volume hydraulic fracturing, better known as fracking. The province has “indefinitely prohibit[ed] fracking for onshore shale gas.”

High-volume fracking differs from regular fracking in that it “requires far more water than conventional fracking and has been around for less than a decade.”

As quoted in the market news:

The Nova Scotia government announced Wednesday it will ban high-volume hydraulic fracturing for onshore shale gas, saying residents have been clear that they are not comfortable with the practice. The Liberal government cited a study by Canadian scientists that concluded significant uncertainty remains on risks to the environment and human health despite fracking’s potential economic benefits.

The decision prompted criticism from industry groups, which insist the process is safe and could bring big financial payoffs.

Oliver echoed that sentiment.

‘When a government steps back from the responsible development of its resources and that development doesn’t create an environmental risk, there are economic consequences inevitably to that and there’s a lost opportunity,’ he said.

Click here to read the full report from The Canadian Press.