“Has New York missed the gas-drilling boom?”
The Poughkeepsie Journal reports:
Close to four years of regulatory review and a de facto moratorium later, New York’s portion of the Marcellus remains untapped by high-volume hydraulic fracturing. Now, natural-gas giants like Chesapeake Energy and Consol Energy are pulling back on shale-gas drilling in other states and focusing on so-called “wet gas” not found in New York. It’s largely because natural-gas prices have dropped to lows not seen since 2002.
It all raises the question: Has New York missed the gas-drilling boom?..
My uncle once told me that what the government bans, the government cannot tax.
New York has shot themselves in the foot with this one. I am not sure about ‘peak oil’, but the Laffer Curve definitely has a peak – the point of Diminishing Returns – beyond which *everything* goes downhill.
They will not get the jobs, the revenues, or the taxes from the natural gas production. The gas will lie there producing nothing for anybody’s benefit until a more enlightened government steps up.