The state of New York may well be the first to impose a limited ban on the controversial drilling method for natural gas called fracking.
A moratorium bill has been sent to governor Pateron’s desk, and he has 10 days to decide its fate.
So what’s all the hype about? Well, fracking has a lot of repercussions…some good, some bad…
What is fracking?
Regarding New York, it involves drilling horizontally into the Marcellus shale formation, which lies over 5,000 feet beneath New York’s 27 Southern Tier counties.
Fracking essentially includes injecting millions of gallons of water mixed with toxic chemicals and sand under high pressure to fracture the formation of rocks — releasing natural gas trapped in the shale.
What’s it do for mother nature?
Not much… at all. In fact, it brings a heavy risk into public safety and water. New York is concerned with having their drinking water supplies compromised, and because of this the New York Department of Environmental Conservation is taking steps to review the guidelines.
What’s it to for the economy?
Well…therein lies the problem. Fracking leads to more accessible natural gas…and more accessible natural gas leads to cheaper gas/electric prices.
What does this mean for renewable energy?
With fracking in place, gas/electric prices will on the cheap side, and renewable energy may be less competititve.
But if fracking continues to be subject to skepticism, like we see in New York, and bans become a prominent case…r enewable energy won’t hesitate to take the keys and hop right in the drivers seat.
Good Energy Investing,
Michael Boytano
