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Fracking Pioneer Abandons An Energy And Job Foolish New York
Investor's Business Daily ^ | September 12, 2012 | IBD EDITORIALS

Posted on 09/12/2013 4:53:40 PM PDT by raptor22

Energy: After more than five years of a fracking moratorium, a leading energy company walks away from its leases, leaving New York, its natural gas riches — and the jobs and wealth they could generate — unrealized.

In 2000, people from Chesapeake Energy began arriving in Broome County, New York, a few miles north of the Pennsylvania border. Broome had seen better economic days but was lucky to be sitting right atop the natural gas-rich Marcellus Shale formation, which stretches through much of the Northeast.

Over the next few years, Chesapeake was able to snap up drilling rights to some 13,000 acres across Broome and neighboring Tioga County, just as it was doing in neighboring Pennsylvania.

But unlike the Keystone State, which wisely chose to develop its energy riches, New York imposed a fracking moratorium in 2008 to save the planet from the fracking boogeyman. Now, Chesapeake has decided to walk away from those leases and leave New York wandering in its energy desert.

Extending south from New York state through Pennsylvania and west into parts of Ohio, the Marcellus Shale has proven to be the most lucrative natural gas play in the U.S. Not only is the quality of the gas excellent, but, thanks to its proximity to the Northeast, the gas can be delivered quickly and cheaply to big markets in New York City, Boston and Philadelphia.

Some of the leases have expired, and the courts have ruled that Chesapeake could not use New York's moratorium as a reason to extend them. It is a moratorium based on no known facts about fracking, just on hype generated by greenies and films such as the Matt Damon flick "Promised Land," financed in part by the United Arab Emirates, a member of a worried OPEC.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Editorial; Government; US: New York
KEYWORDS: blogpimp; broomecounty; energy; fracking; ibd; ibdfracking; marcellus; newyork; shale
New York is told to go frack iyself.
1 posted on 09/12/2013 4:53:40 PM PDT by raptor22
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To: raptor22

It seems like fraud to sell you a lease and then not let you use it.


2 posted on 09/12/2013 5:00:02 PM PDT by marron
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To: raptor22
Why, it's simple.

The elites don't want the riff-raff to have access to cheap energy and good-paying jobs.

Otherwise, how would the elite stay in power?

3 posted on 09/12/2013 5:06:15 PM PDT by Extremely Extreme Extremist (Governor Sarah Heath Palin for President of the United States in 2016)
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To: raptor22
I happened to drive north on Route 99 from Williamsport PA to Route 17 in New York's Southern Tier back in July. The region is mountainous, and the energy business is booming.

Loads of recently erected inexpensive housing. Road signs everywhere advertising lawyers who will help you get the best deal for your mineral rights.

Once you cross the border into NY State... nothing. Looks like a depression. Dying shopping malls, flea markets.

4 posted on 09/12/2013 5:12:15 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: raptor22

Yes, go frack yourself and freeze to death in the dark, you NY elite putzes!!!


5 posted on 09/12/2013 5:16:33 PM PDT by T-Bird45 (It feels like the seventies, and it shouldn't.)
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To: raptor22

Seems nobody has a head for headlines these days...


6 posted on 09/12/2013 5:40:52 PM PDT by dps.inspect (rage against the Obama machine...)
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To: Steely Tom
My buddy was offered a lease and turned it down...because he got scared his water supply would be ruined (he carts water to the hunting site.

He said he screwed up. Should have taken the lease. Govt is full of cr**.

7 posted on 09/12/2013 5:45:17 PM PDT by Sacajaweau
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To: dps.inspect

Newspaper headline by Yoda, that is.


8 posted on 09/12/2013 5:55:39 PM PDT by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: dps.inspect

LMAO!! I had to read that sucker about four times!

Anyway, things are booming in Carroll County, Ohio where my

family is and I am when not travelling.

Frack yeah!!


9 posted on 09/12/2013 6:01:25 PM PDT by americas.best.days... ( I think we can now say that they are behind us.)
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To: T-Bird45

The decision not to allow drilling is made by NY City people. It is THEY who should freeze in the dark.

The people who are living in the areas where the drilling would take place WANT to drill. They NEED the economic activity.

But since they are a couple hundred miles away from the NY City they have no say over it.

Once you get above Westchester County, NY State is mostly rural with conservative, good people.

Unfortunately the bulk of the population is in the NY City area, and THEY are mostly a bunch of liberal assholes.


10 posted on 09/12/2013 6:04:03 PM PDT by Nik Naym (It's not my fault... I have compulsive smartass disorder.)
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To: raptor22

Well, heck. As rich as New York is, why would it care about a little extra money?


11 posted on 09/12/2013 6:08:27 PM PDT by Standing Wolf (No tyrant should ever be allowed to die of natural causes.)
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To: Steely Tom; All
Once you cross the border into NY State... nothing. Looks like a depression. Dying shopping malls, flea markets.

Someone on Bill Bennett's program noted it is the difference between East and West Germany. ( oh that is good ....)

12 posted on 09/12/2013 6:09:20 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: raptor22
So sad. That's where I grew up.

The area needs those dollars, jobs, resources, very badly.

Andrew Cuomo is a hateful person.

13 posted on 09/12/2013 6:09:52 PM PDT by onona (The Earth is the insane asylum for the universe)
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To: Nik Naym
The decision not to allow drilling is made by NY City people. It is THEY who should freeze in the dark.

The same liberals who distain this, are also found of the big dollar high end Steak Houses that use NG to cook said steak. Let um Eat To-frickin'-Fu....

14 posted on 09/12/2013 6:13:35 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: raptor22
 photo Idrinkyourmilkshake_zps6f979cd6.jpg
15 posted on 09/12/2013 6:25:05 PM PDT by FredZarguna (The only good public school administrator ...)
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To: americas.best.days...

Problem is too much natural gas on market depressing prices

Drillers heading to Eastern Ohio and Utica formation where is oil in addition to gas. Gas here is rich in what is called “natural gas liquids” - heavier hydrocrabons
(propane, butane, pentane) which are very valuable


16 posted on 09/12/2013 7:09:44 PM PDT by njslim (St)
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To: njslim

Drillers heading to Eastern Ohio and Utica formation
...........
Seems to me I read there wasn’t much oil in eastern ohio. nice to hear there’s natural gas liquids.


17 posted on 09/12/2013 9:05:47 PM PDT by ckilmer
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To: marron

Indeed.


18 posted on 09/14/2013 1:20:50 AM PDT by Impy (RED=COMMUNIST, NOT REPUBLICAN)
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