New York Governor Andrew Cuomo has been dragging his heels so long on approval for fracking that a major energy producer is throwing in the towel. Chesapeake Energy, a fracking pioneer, is packing up and abandoning its leases in the state, according to Investor’s Business Daily. President Obama recently toured this state to tout his economic agenda, and failed to mention fracking and the jobs, economic growth and tax revenue it would generate in New York.
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After more than five years of a fracking moratorium, a leading energy company walks away from its leases, leaving New York, its natural gas riches — and the jobs and wealth they could generate — unrealized.
In 2000, people from Chesapeake Energy began arriving in Broome County, New York, a few miles north of the Pennsylvania border. Broome had seen better economic days but was lucky to be sitting right atop the natural gas-rich Marcellus Shale formation, which stretches through much of the Northeast.
Over the next few years, Chesapeake was able to snap up drilling rights to some 13,000 acres across Broome and neighboring Tioga County, just as it was doing in neighboring Pennsylvania.
But unlike the Keystone State, which wisely chose to develop its energy riches, New York imposed a fracking moratorium in 2008 to save the planet from the fracking boogeyman. Now, Chesapeake has decided to walk away from those leases and leave New York wandering in its energy desert.