Keeping New York state in debt and poor
Image via WikipediaNY Times:
The New York State Assembly voted 93 to 43 Monday night to place a temporary moratorium on a controversial type of natural gas exploration that combines hydraulic fracturing with horizontal drilling. The goal is to give the state more time to address safety and environmental concerns.It maybe controversial in New York, but it is not in Texas where it has been used in the Dallas, Fort Worth and Arlington area and will be used in South Texas in the recently hot Eagle-Ford formation. There is a reason why investors are pumping money into this formation and into the Texas economy and they are not wasting their time and money in New York right now. People have been fracking wells for around 60 years and the horizontal drilling has been around for over a decade.
The Senate passed a similar bill in August, and the legislation now awaits the signature of Gov. David Paterson.
The moratorium, which would be in effect until May 15, 2011, applies to new drilling permits for horizontal hydraulic fracturing, or fracking, a type of natural gas exploration that requires the use of chemicals and vast amounts of water to release natural gas from rock. The drilling is highly controversial because of the risks it poses to groundwater.
What is happening in New York is an example of Chicken Little environmentalism and the state legislature has it bad. The citizens of New York are the ones who will be paying more for gas because of this action.