A blog post by Sean Hackbarth at the U.S. Chamber of Commerce compares and contrasts the difference between fracking policies and their economic impact on the states of Pennsylvania and New York.
“Good public policy matters,” he writes. “That’s plainly seen along the New York-Pennsylvania Border. On the Keystone State’s side, hydraulic fracturing is permitted, while Governor Cuomo banned it in the Empire State last December.”
Within the column, a restaurant owner in New York laments the lack of jobs in the Empire State, and cites a lack of fracking as a reason for closing down her business.
“There are no jobs here,” she explained. “If I owned a place in Pennsylvania, I wouldn’t be thinking of closing. I would be thinking about expanding. The difference is they did fracking.”
Meanwhile, in Pennsylvania’s Bradford County, board chairman Doug McLinko had nothing but positive news to report.
McLinko reports that his county is “the most drilled on county in the Marcellus Shale,” leading to a 19 percent increase in taxable income from 2007 to 2010.
Market value has increased over $200 million according to McLinko, leading to a ripple effect in the economy that results reduced taxes and an elimination of the county’s debt.
“When I look across the border to New York State, once again it is bad policy affecting awfully good people up there,” he explained.
Earlier this year, Governor Cuomo’s ‘bad policy’ on fracking led 15 towns to consider seceding to Pennsylania.
While New York is squandering an economic gold mine in fracking, Pennsylvania is experiencing 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.
Cuomo, it would seem, would rather continue down the path of being a “death-spiral” state.
Everything may not be wine and roses in Pennsylvania’s future, however. As Hackbarth writes, “This isn’t to say that Pennsylvania couldn’t mess with the good thing it has going by passing Governor Tom Wolf’s proposed severance tax on natural gas drilling.”
Still, he says, “New Yorkers want to see the economic benefits in their communities that Pennsylvania has seen from embracing its energy abundance.”
Instead, Cuomo’s ban will never lead to the fruition of any economic benefits from fracking.