In December, New York became the 2nd state after Vermont to prohibit hydraulic fracturing ("fracking") statewide. Although a few others have joined in, New York is the only state with significant shale gas potential to ban fracking, “the most important, and the biggest, energy innovation of this century." This controversial decision by Governor Cuomo has even fueled secession talk by the southern part of the state that has sat idly by and watched neighbor Pennsylvania enjoy the huge economic benefits of shale development (as such, states like Texas and Oklahoma are banning fracking bans!). Fracking technology, after all, is a proven commodity that has been safely deployed for over 60 years in over a million wells - across the country to great success. New Yorkers should realize what's at stake. New York sits atop the mighty Marcellus Shale, a huge source of oil and gas that also lies beneath much of Ohio, West Virginia, and Pennsylvania. The play covers some 18,750 square miles in New York and has transformed Pennsylvania into a natural gas powerhouse, surging state state output from 200 Billion Cubic Feet (Bcf) in 2008 to 3,800 Bcf in 2014.
Source Forbes - Business http://ift.tt/1HgisLG
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