Fracking could "potentially" be a "remarkable opportunity" for the UK to develop a new industry which would create jobs and deliver greater independence from the global energy market, a leading member of the House of Lords said.
Lord MacGregor, the chairman of the Lords Economic Affairs Committee said:
The Committee strongly supports the Government's decision to go 'all out for shale'.
But here in the UK we have not yet left the starting gate.
Developing a successful shale gas and oil industry in the UK must be an urgent national priority.
Potentially it's a remarkable opportunity for this country.
We're calling for streamlining not weakening the regulation and we believe the Government needs to get its act together faster and more comprehensively.
The Lords Economic Affairs Committee pointed to the shale gas industry as a way of creating jobs, cutting emissions and making the UK less dependent on foreign gas and oil.
Ministers also needed to do more to drive forward exploratory drilling and appraisal of shale resources to see how much could be developed economically, a report by the Lords said.
They also backed moves by the Government to change trespass laws so that shale companies could drill under people's property without their permission to ensure development could go ahead "without undue delay or cost".