New York Moratorium on Hydraulic Fracturing Devastating to Economy
DEPA voices concern about the effects a moratorium on hydraulic fracturing approved by the New York State Assembly Monday could have on the state and local economies.
December 2, 2010 (Newswire.com) - The Domestic Energy Producers Alliance (DEPA) voiced concern today about a moratorium on hydraulic fracturing approved by the New York State Assembly Monday.
"This is a victory for those who use scare tactics and fear to further an anti-fossil fuels agenda for America, thereby eliminating much-needed jobs and decimating our economy," said Mike Cantrell, DEPA President.
The bill would ban state regulators from issuing new drilling permits for wells using hydraulic fracturing for at least the next six months. Governor David Paterson is widely expected to approve the bill, which would result in the loss of business, jobs and natural gas production in New York.
"The biggest loser in this situation is not the domestic natural gas industry, it is American jobs" Cantrell said. "In fact, the moratorium, if it is passed, likely will lead to higher prices for natural gas by keeping vast quantities of gas off the market. The state of New York is turning its back on thousands of high-paying jobs, as well as a prolific source of revenue for the state and its thousands of royalty owners."
Cantrell said we have entered a new era of oil and natural gas production in America and are lessening our dependence on foreign energy sources every day.
"The price of natural gas, which we know is our most abundant and clean natural energy source, is very low. We would not be able to discover these new shale plays and keep that price down without the 60-year-old process of hydraulic fracturing," he said.
Hydraulic fracturing, when done safely, has proven extremely effective in extracting previously unrecoverable oil and gas, Cantrell said.
"As a result, we have a shale revolution taking place in the United States, providing much-needed high-quality jobs to Americans, and providing revenue for the states." he said.
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