New York: You need better leadership

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

New York: You need better leadership

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N.Y pays price for drilling ban.

Endeavor News, letter to the editor by Energy In Depth’s Nicole Jacobs.

Shale gas development is bringing incredible benefits to Pennsylvania, but that hasn’t been the case across the border in New York. And there is probably nowhere that this is clearer than in the Twin Tiers. The region once had strikingly similar economies, but since shale development has been banned in New York, the differences have become more pronounced. Pennsylvania’s gross domestic product contributions from oil and gas development has increased 600 percent to more than $597 billion since 2005, while New York’s has remained stagnant. Literally fueled by shale, Pennsylvania has also seen manufacturing GDP contributions grow 24 percent since the shale revolution took hold, while New York’s saw only 1.5 percent growth. In Pennsylvania, an abundance of natural gas is driving new manufacturing investments and creating new opportunities for existing businesses. Farmers on either side of the border have felt the effects of the years-long dairy price slump; however, royalty and lease payments have helped “shelter” many of Pennsylvania’s farms. Recent studies from Yale University and Penn State University confirm there hasn’t been widespread water contamination. And emissions are also falling – thanks largely to increased natural gas usage – despite record shattering natural gas production in the Commonwealth. New York has missed out on a tremendous opportunity. And Pennsylvania is thriving – without the claims of widespread water contamination and health impacts that were used to justify New York’s ill-conceived ban coming true.
Dan Steffens
Energy Prospectus Group
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