Report: Cuomo’s Hesitation on Fracking Decision Forcing Businesses to Leave New York
Recent reports claim that Governor Cuomo was as close as he’d ever come to approving fracking in New York state, but was convinced by his brother-in-law Robert F. Kennedy Jr., to wait until the results of a health study were released. Waiting for those results could delay a decision on fracking by over a year.
And that delay according to oil and gas industry experts, has and will continue to force businesses out of the state.
Via the AP:
An oil and gas industry group has warned that the state could experience a greater exodus of business while Gov. Andrew Cuomo waits for the results of a Pennsylvania health study before deciding whether to allow fracking.
“For business owners, the opportunity is not here in New York,” said Jim Smith of the Independent Oil and Gas Association of New York.
Smith said Sunday that permit applications for conventional vertical gas wells, which are still allowed in the state but are less profitable than the far-larger shale gas wells, have dropped from about 600 in 2008 to below 200 in 2012 as the industry has moved to other states.
“We can assume the exodus we’re seeing now will continue” if a moratorium on drilling remains until the results of the new study are in,” he said.
Despite launching a new initiative in 2011 called “New York Open For Business”, Cuomo has continued to slam the door shut on business growth that would result from the approval of gas wells in economically depressed portions of the state. As a result, New York not only continues to see an exodus of businesses from the state, but is ranked dead last in business friendliness.
Meanwhile, Pennsylvania is seeing an economic boom due to their willingness to drill since 2005.
Via Fox News:
Anybody looking for the story of how natural gas can light a fire under a cooling economy should ask officials in Bradford County, Pa.
Gas companies have been drilling there since 2005. Nearly 1,200 wells have been fracked. The county seat of Towanda, which had been in decline after its manufacturing base moved away, is now a boom town. Even a recent slowdown in drilling because of rock-bottom gas prices hasn’t blunted the growth. Gas revenues allowed the county to retire a $5 million debt — and lower real estate taxes by 6 percent.
Fracking has been an economic game-changer for the entire area, said Bradford County Commissioner Daryl Miller.
“The amount of job growth has been phenomenal. The amount of business growth has been phenomenal,” Miller told Fox News.
But hey, continuing down the path of being a “death-spiral” state is what New York is all about.