The price of oil could halve within the next decade because of a shale revolution, according to industry experts.
John Llewellyn, the former head of international forecasting at the Organisation for Economic Co-operation and Development, said that most oil price forecasts underestimated radically the impact of new extraction techniques for shale oil and gas on supply.
Official estimates last week revealed that Britain was sitting on enough shale gas to power the country for 43 years, although it
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