This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pro-gas Interests Decry NY Inaction On Fracking

By MARY ESCH

ALBANY, N.Y. (AP) a¿¿ Born of the energy crisis of the 1970s, gas driller Lenape Resources flourished in western New York for more than three decades a¿¿ until the revolutionary technology that sparked the nation's shale gas boom brought the industry to a screeching halt in New York under a moratorium now in its sixth year.

Today, Lenape has just five employees, down from 100 in years past. "Those five, we're trying to give them work in Pennsylvania," said John Holko, the company's president. "We're not going to be here much longer."

As another year closes with a moratorium on hydraulic fracturing for natural gas in New York and no timetable for Gov. Andrew Cuomo to decide whether to lift it, drilling interests have all but given up on the state, and environmental groups are pressing for a permanent ban.

Advancements in horizontal drilling and fracking a¿¿ which releases gas from rock by injecting a well with a mix of water, sand and chemicals at high pressure a¿¿ have yielded so much gas from the Marcellus Shale underlying much of the Mid-Atlantic region that gas prices have plummeted. As a result, the less productive vertical wells still allowed in New York are no longer in demand, Holko said.

While other states have allowed shale development even as they scramble to draft regulations, New York has had deep shale drilling on hold since it started developing new rules in 2008. Amid intense pressure from anti-fracking groups, Cuomo has said he wants his health and environmental commissioners to take all the time they need to decide whether fracking can be done safely.

Critics of fracking cite potential air and water contamination and disruptive industrial activity near population centers, while supporters say state regulations mitigate the risks.

At the same time, dozens of towns have enacted their own bans or moratoriums in case the state does approve fracking a¿¿ although most are outside the region along the Pennsylvania border considered most profitable for gas exploration.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,063.99 -34.46 -0.20%
S&P 500 2,003.12 -0.25 -0.01%
NASDAQ 4,587.0320 +6.7610 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs