The recent decision by New York Governor Andrew Cuomo to ban hydraulic fracturing in the state will likely hurt economically depressed areas of the state, according to industry experts.
“While cities and states want to govern within their borders, the decision to eliminate fracking can not only hurt the local rural economy, but it will also affect families and businesses,” Mark Plummer, founder and chairman of Dallas-based Chestnut Exploration & Production, told Rigzone in a statement. “We have seen how it has helped the communities right across the border in Pennsylvania. Hydraulic fracturing provides jobs, economic boosts in capital and an influx in visitors to small towns.”
Michael Joy, a partner with law firm BakerHostetler who focuses on conventional and unconventional oil and natural gas development in New York, was equally unequivocal.
“The industry’s reaction will doubtless be to recognize this as another sad political commentary on New York’s handling of its natural resources development,” Joy told Rigzone in a statement. “New York is a substantial consumer of oil and natural gas, and its residents and rate payers have enjoyed a decline in their home heating cost as a result of the prolific production of the Marcellus shale just across its borders. Yet, New York continues to take not only a ‘not in my backyard’ attitude, but also a ‘not in your backyard’ attitude,” he said.
The result is higher prices for people living in New York, according to the Texas Alliance of Energy Producers President and Chief of Staff Alex Mills.
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