Gas Drillers Giving Up In New York

The never-ending fracking moratorium in the state of New York has left gas drillers with no choice but to just give up on the state. Who can blame them?

Born of the energy crisis of the 1970s, gas driller Lenape Resources flourished in western New York for more than three decades — until the revolutionary technology that sparked the nation’s shale gas boom brought the industry to a screeching halt in New York under a moratorium now in its sixth year.

Today, Lenape has just five employees, down from 100 in years past. “Those five, we’re trying to give them work in Pennsylvania,” said John Holko, the company’s president. “We’re not going to be here much longer.”

As another year closes with a moratorium on hydraulic fracturing for natural gas in New York and no timetable for Gov. Andrew Cuomo to decide whether to lift it, drilling interests have all but given up on the state, and environmental groups are pressing for a permanent ban.

It’s so bad that even if the moratorium is lifted drillers still might not be interested in investing any more capital here.

Even if Cuomo green-lights drilling, Gill said, the industry is wary of investing in New York because of what he calls regulatory and legislative hostility. “The cost of regulatory compliance could be up to $1 million more per well than in Pennsylvania,” Gill said. (Read More)

Landowners who were hoping to make some money leasing their land will be left out in the cold, so will workers who could really use decent jobs.

Speaking of jobs and New York, another manufacturer is taking hundreds of jobs and moving them out of state. What a shock.

Update: Linked by the Revision Division – thanks!