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He mentions the Shale gas reserves report.
Estimates of shale gas reserves vary widely.
He chose to highlight the "extraordinary shale gas reserves beneath our feet".
Osborne has tried to encourage the exploitation of British shale gas reserves by offering tax breaks.
At such low output prices, developing shale gas reserves becomes much less economically attractive.
They say it is true that Europe has significant shale gas reserves.
China has the largest shale gas reserves in the world and is intent on developing them.
produces most of the world's shale gas, while China has the world's largest shale gas reserves.
Mr. Osborne also announced tax concessions intended to spur the exploitation of shale gas reserves in Britain.
Europe's opposition is being put to the test, however, as pro-fracking forces lobby for exploring underground shale gas reserves.
It plans to explore for shale gas reserves in Ukraine, which is eager to reduce its reliance on Russian imports.
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