New York State Bans Fracking : $Billions Lost - Insanity Reigns Supreme

The people be dammed. There is nothing more important then the ideology of the progressive socialists, and they are more then willing to exploit their power to control the population even in the face of over whelming facts that there is no environmental impact from fracking. Facts are of little importance when it comes to getting and keeping power.

Insanity reigns supreme among the progressives socialist democrats. Governor Cuomo of New York State is leading the charge against Fracking.

Still, it doesn't matter that $billions are lost in taxes and to make up the difference in lost revenue, those in power will just raise taxes even higher keeping the population on ropes of poverty to ensure they continue to vote like they are told.

New York Fracking Ban Will Cost the State Jobs, Revenue
Source: Erica Orden and Lynn Cook, "New York Moves to Ban Fracking," Wall Street Journal, December 18, 2014.

December 19, 2014

Despite the fact that fracking is lowering energy costs and raising American GDP -- with an ICF International study estimating American consumers saved from $63 billion to $248 billion in 2013 alone due to fracking -- New York Governor Andrew Cuomo (D) plans to prohibit fracking in the state of New York.

Erica Orden and Lynn Cook of the Wall Street Journal report that New York has had a fracking moratorium since 2009, but the ban would officially keep 12 million acres of resource-rich Marcellus Shale from being developed. As a result, New York will lose out on the economic benefits that its neighbors have reaped from shale drilling:

• Pennsylvania, which also lies atop the Marcellus Shale, has received over $2.1 billion in state and local taxes from energy companies due to the shale boom.
• From the first quarter of 2010 to the beginning of 2014, Pennsylvania saw its energy employment rise from 13,059 jobs to 28,229 jobs.
• Average salaries in Pennsylvania for energy-related jobs is $93,000 annually, much higher than the state's average $40,000 salary.

Landowners are unhappy with the decision. Orden and Cook interviewed one New York dairy farmer who was hoping to lease his land to energy companies in order to cover the costs of his property taxes. He told the Wall Street Journal, "The amount of shale available is more valuable than the surface of the land will ever be. The state controls the most valuable part of our farm."