The New York State Assembly passed a measure placing a six-month moratorium on hydraulic fracturing late yesterday. The state Senate passed the ban in August, and now the legislation will go to Gov. David Paterson for his signature.
API's Chief Economist John Felmy today urged the governor to veto the ban. "Blocking important natural gas development and the creation of new jobs and revenues is not sound energy or economic policy. New York continues to struggle with an economic crisis, and natural gas should be part of the solution to the state's economic problems," John said.
A recent study shows natural gas development in New York's Marcellus Shale region could generate more than $16 billion in economic output, nearly $4 billion in additional tax revenue, and more than 180,000 jobs in New... more »