Fracking will not reduce gas prices in the UK: Lord Browne.

Guardian: “Fracking is not going to reduce gas prices in the UK, according to the chairman of the UK’s leading shale gas company. The statement by Lord Browne, one of the most powerful energy figures in Britain, contradicts claims by David Cameron and George Osborne that shale gas exploration could help curb soaring energy bills.”
….The former chief executive of BP, who now holds a senior government position as lead non-executive director, told an audience at the London School of Economics that climate change was “existentially important”, but that without gas the transition to a zero-carbon energy system would never happen.
….Browne criticised the UK’s fossil fuel subsidies: “In 2011, the UK spent over £4bn supporting the production and consumption of oil and gas, more than they spent to support renewable energy.” Across the OECD, he added, $80bn every year is spent supporting production of carbon-based fuels: “It is like running both the heating and the air conditioning at the same time,” he said.
….Browne, once known as the “sun king” and who said he is now co-head of the largest private equity renewable energy fund in the world at Riverstone Holdings, said: “Solar is a very good technology and we should use more of it.”