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Gas Price at 10-Year Low Dashes New York Dream of Riches

Bloomberg -- New York is unlikely to enjoy the energy boom that swept neighboring Pennsylvania because a collapse of natural gas prices has dulled the enthusiasm of companies waiting for regulators to permit drilling.

For almost four years, state officials blocked a drilling technique known as hydraulic fracturing, or fracking, that is opposed by some environmentalists. Pennsylvania and Ohio allowed producers such as Chesapeake Energy Corp. (CHK) and Talisman Inc. (TLM) to employ the method, and have attracted billions of dollars in investment. Like those states, New York sits atop the gas-rich Marcellus Shale formation and its portion may hold enough gas to supply the U.S. for three years.

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Submitted Apr 29, 2012 By: aquarinut

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Doro Rookie Author Nebraska Posts:57 Points:5,310 Joined:Apr 2012	Message Posted: Apr 30, 2012 5:44:17 PM Ignore Doro Report Abuse Fascinating.
335d1 Champion Author Virginia Posts:2,381 Points:759,045 Joined:Feb 2011	Message Posted: Apr 30, 2012 5:52:46 AM Ignore 335d1 Report Abuse Timing is everything.
wrunner Champion Author Virginia Posts:4,440 Points:1,136,360 Joined:Dec 2009	Message Posted: Apr 30, 2012 5:16:06 AM Ignore wrunner Report Abuse For everything there is a season, a time and place under heaven.
1momsunshine Champion Author Ottawa Posts:5,490 Points:1,000,580 Joined:Mar 2010	Message Posted: Apr 30, 2012 5:09:56 AM Ignore 1momsunshine Report Abuse ok
flatrock14 Champion Author Michigan Posts:2,645 Points:775,805 Joined:Oct 2010	Message Posted: Apr 30, 2012 2:02:44 AM Ignore flatrock14 Report Abuse give it time it will go up
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 30, 2012 12:15:06 AM Ignore drpepperTX Report Abuse You're likely right MN1, NG is way too low to be a comfort for the 'green' agenda.
MN1 Champion Author Twin Cities Posts:3,359 Points:650,590 Joined:Jun 2011	Message Posted: Apr 30, 2012 12:11:57 AM Ignore MN1 Report Abuse Low for now but not for long.
megadiesellv Champion Author Atlanta Posts:1,474 Points:503,585 Joined:Sep 2011	Message Posted: Apr 29, 2012 11:33:00 PM Ignore megadiesellv Report Abuse U snooze you loose.
jem069 Champion Author Detroit Posts:2,538 Points:687,080 Joined:Jan 2011	Message Posted: Apr 29, 2012 11:14:44 PM Ignore jem069 Report Abuse Ok
lesndave Champion Author Texas Posts:3,037 Points:700,405 Joined:May 2011	Message Posted: Apr 29, 2012 10:51:45 PM Ignore lesndave Report Abuse You got that right drpepperTX
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 29, 2012 9:26:07 PM Ignore drpepperTX Report Abuse BTW, NHL and MIDNJ, y'all should come on down and visit Texas! If you've never seen the Davis Mountains, the Guadalupe Mtn Range, Big Bend National Park, the Texas Hill Country, Palo Duro Canyon, the Laguna Madre and countless other areas, you're really missing out. [Edited by: drpepperTX at 4/29/2012 10:31:43 PM EST]
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 29, 2012 9:18:11 PM Ignore drpepperTX Report Abuse LOL, you sure are an angry little feller/gal! "Lighten up Francis" comes to mind. Been to the Andirondacks, beautiful for sure! Pristine in the true sense of the definition? Not quite.
Wanda127 Champion Author Florida Posts:2,499 Points:915,005 Joined:May 2010	Message Posted: Apr 29, 2012 8:49:42 PM Ignore Wanda127 Report Abuse It serves a lot of the New Yorker's right but I feel bad for those that need the jobs.
aquarinut Champion Author British Columbia Posts:1,628 Points:436,855 Joined:Jul 2011	Message Posted: Apr 29, 2012 8:35:39 PM Ignore aquarinut Report Abuse NHLiveFree... three years for the "NATION"... Probably 1000 years for NY! Oh wait... NY.... OK.... at least 500 years!!! PDQ... have you asked the New Yorkers??? [Edited by: aquarinut at 4/29/2012 9:38:10 PM EST]
PDQBlues Champion Author San Diego Posts:7,069 Points:1,447,800 Joined:Jan 2009	Message Posted: Apr 29, 2012 8:19:11 PM Ignore PDQBlues Report Abuse With New York having the largest unfiltered water reserve in the nation that's just ripe for fracking contamination and pollution, not drilling is the dream for most New Yorkers.
OilOnTheCheap Champion Author Ventura Posts:2,097 Points:450,160 Joined:Jan 2012	Message Posted: Apr 29, 2012 8:07:18 PM Ignore OilOnTheCheap Report Abuse Interesting point “Meowmy” about hydraulic fracturing destabilizing the ground making earthquakes more prevalent. However, I would think if this was true there would be a greater number of smaller earthquakes that don’t cause damage. The real problem here is the potential damage to the water supply.
OilOnTheCheap Champion Author Ventura Posts:2,097 Points:450,160 Joined:Jan 2012	Message Posted: Apr 29, 2012 7:57:16 PM Ignore OilOnTheCheap Report Abuse If New York doesn’t collect the natural resource now, they will later.
Meowmy Champion Author Florida Posts:1,293 Points:348,105 Joined:Jan 2011	Message Posted: Apr 29, 2012 7:24:20 PM Ignore Meowmy Report Abuse But 'fracking' destabilizes the ground and makes it more susceptible to earthquakes. Is it worth the possible danger?
NHLiveFree Champion Author New Hampshire Posts:11,092 Points:1,622,370 Joined:Jun 2008	Message Posted: Apr 29, 2012 7:08:35 PM Ignore NHLiveFree Report Abuse And the wing nuts just talk, incessantly.
NHLiveFree Champion Author New Hampshire Posts:11,092 Points:1,622,370 Joined:Jun 2008	Message Posted: Apr 29, 2012 7:07:48 PM Ignore NHLiveFree Report Abuse Much unlike Texas docp. Come visit the truly pristine Adirondacks some time, but don't bring any Exxon executives or your fracking buddies. Wow, a 'whole' three years gas supply for the nation! No loss for New York.
dal1 Champion Author Illinois Posts:1,183 Points:147,165 Joined:Jun 2007	Message Posted: Apr 29, 2012 6:56:09 PM Ignore dal1 Report Abuse new york what????
imcheep Champion Author New Mexico Posts:2,492 Points:649,830 Joined:Apr 2005	Message Posted: Apr 29, 2012 6:22:01 PM Ignore imcheep Report Abuse New York Loss!!
MidNJ Champion Author New Jersey Posts:7,554 Points:1,172,595 Joined:Sep 2009	Message Posted: Apr 29, 2012 6:21:55 PM Ignore MidNJ Report Abuse drpep, yes, there are parts on New York State that are still pristine.
humblepie Champion Author Toledo Posts:34,208 Points:2,371,370 Joined:Mar 2006	Message Posted: Apr 29, 2012 5:59:18 PM Ignore humblepie Report Abuse suckers walk
SammyAdams Champion Author Tallahassee Posts:3,054 Points:792,745 Joined:Nov 2010	Message Posted: Apr 29, 2012 5:16:08 PM Ignore SammyAdams Report Abuse This is a far better way than have the Federal EPA make a blanket ruling for each state to follow. The states which allowed "fracking" can measure the economic benefits over the cost to the environment and those states which didn't can likewise compare their pristine environment with any supposed economic enhancements. At least there will be some comparisons to be made and the evidence will become clearer. The biggest loser in all of this will be the OPEC countries which will lose their stranglehold on the world's energy and those who use this as a means of global governance.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Apr 29, 2012 4:56:41 PM Ignore drpepperTX Report Abuse "Tradeoffs - New York will remain pristine but no jobs or income or?" ============ Some parts of NY state are pretty, but pristine???
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: Apr 29, 2012 4:47:20 PM Ignore wildddkattt80 Report Abuse Always a different way of doing things instead of condemning the whole process
Rehorsehay All-Star Author California Posts:871 Points:45,925 Joined:Feb 2012	Message Posted: Apr 29, 2012 4:44:52 PM Ignore Rehorsehay Report Abuse Other ways to frack are being developed where it won't hurt water supplys.
Piper0072 All-Star Author Rochester Posts:906 Points:380,830 Joined:Jun 2008	Message Posted: Apr 29, 2012 4:35:19 PM Ignore Piper0072 Report Abuse Pennsylvania wins - New York loses (again).
playtimeCLE Champion Author Cleveland Posts:8,555 Points:1,543,400 Joined:Nov 2008	Message Posted: Apr 29, 2012 4:19:50 PM Ignore playtimeCLE Report Abuse Of all states to block fracking, NY...
kag2010 Champion Author Winnipeg Posts:5,254 Points:1,019,760 Joined:Apr 2010	Message Posted: Apr 29, 2012 4:14:11 PM Ignore kag2010 Report Abuse Oh well!
APlus Champion Author San Antonio Posts:3,918 Points:991,445 Joined:Apr 2007	Message Posted: Apr 29, 2012 3:27:42 PM Ignore APlus Report Abuse Tradeoffs - New York will remain pristine but no jobs or income or?
js0743 All-Star Author Georgia Posts:981 Points:458,630 Joined:Nov 2011	Message Posted: Apr 29, 2012 3:18:29 PM Ignore js0743 Report Abuse Oh well!
molebaby96 Champion Author Tallahassee Posts:2,121 Points:505,165 Joined:Nov 2011	Message Posted: Apr 29, 2012 3:07:01 PM Ignore molebaby96 Report Abuse It all comes back to the almighty dollar.
200porter Champion Author Toronto Posts:2,060 Points:541,910 Joined:Sep 2011	Message Posted: Apr 29, 2012 3:03:40 PM Ignore 200porter Report Abuse Rules, rules and more rules.
humblepie Champion Author Toledo Posts:34,208 Points:2,371,370 Joined:Mar 2006	Message Posted: Apr 29, 2012 2:51:53 PM Ignore humblepie Report Abuse you snooze, you lose, comes to mind
clpassenubye Champion Author Los Angeles Posts:3,359 Points:752,605 Joined:Mar 2011	Message Posted: Apr 29, 2012 1:49:08 PM Ignore clpassenubye Report Abuse win some you lose some
RRBC Champion Author Victoria Posts:2,705 Points:529,065 Joined:Oct 2011	Message Posted: Apr 29, 2012 1:44:21 PM Ignore RRBC Report Abuse Shame to sit on potential 3yr supply. No profits, no go.
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Apr 29, 2012 1:29:54 PM Ignore tgusa Report Abuse bummer