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 ...
It seems like fraud to sell you a lease and then not let you use it.
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?
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.
Yes, go frack yourself and freeze to death in the dark, you NY elite putzes!!!
Seems nobody has a head for headlines these days...
He said he screwed up. Should have taken the lease. Govt is full of cr**.
Newspaper headline by Yoda, that is.
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!!
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.
Well, heck. As rich as New York is, why would it care about a little extra money?
Someone on Bill Bennett's program noted it is the difference between East and West Germany. ( oh that is good ....)
The area needs those dollars, jobs, resources, very badly.
Andrew Cuomo is a hateful person.
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....
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
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.
Indeed.
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