He sought to play down fears about the environmental dangers posed by fracking, claiming there was "no evidence" that it would cause contamination of water supplies or other damage if properly regulated.
Last week Mr Cameron said Britain would be "making a big mistake" if it did not seriously consider fracking and the prospect of cheaper gas prices.
The Prime Minister said the country is "missing out big time at the moment" and Mr Osborne warned it would be a "real tragedy" for the UK to allow the "energy revolution" to bypass it.
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A damp and cold night ahead. Valentine's Day will start cloudy but become brighter in the afternoon. Risk of showers along the Kent coast.
Cold and damp tonight with outbreaks of rain. A cold and dull start to Valentine's Day but becoming drier and brighter by the afternoon.
Rain turning more patchy this afternoon but more persistent along the coast. Feeling cold in the brisk north-easterly wind.