An excellent commentary in today’s New York Post by Abby Wisse Schachter addresses the fear mongering and just plain kookiness heard from anti-drillers. From the opening:
New York state just announced another delay in what has become a more-than-four-year process to approve widespread natural-gas drilling. Over that time, the state has lost tens of thousands of jobs and millions of dollars of business — and the opposition to drilling has only gotten more entrenched and radical.
Gov. Cuomo should not be swayed by such hysteria.
An Oct. 6 New York Policy Forum panel on gas drilling is a case in point. At it, Binghamton Mayor Matthew Ryan participated in a discussion of hydro-fracking, the process of extracting natural gas from shale rock. He argued that New York doesn’t need natural gas to power its economic future.
“You can do other things … You can save so much energy just by switching to wood pellets,” Ryan claimed. “If you combine that with retrofitting all the rural properties … you’ll produce thousands of jobs.”
Wood pellets. What century does Ryan think this is?*
Who actually owns U.S. oil and natural gas companies? If you’re one of the economic illiterates in the “Occupy” movement, you no doubt believe the oil and gas industry is owned by “the 1 percent”. But you would be wrong. A new study just released proves the middle class (ie you) owns the vast majority of America’s energy companies via pension plans like 401(k)s and IRAs, as well as by individual stock investments. The numbers break down as follows: 50 percent of shares in energy companies are held by public and private pension plans, 20 percent by individual investors who own stock, 27 percent of shares belong to financial institutions and asset management companies, and 3 percent of outstanding shares are held by the officers and board members of the energy companies themselves.
The study, "Who Owns America’s Oil and Natural Gas Companies," was commissioned by the American Petroleum Institute and conducted by Sonecon. The full 22-page study is embedded below.
It seems lately that it’s a rare Democrat who goes on the record to support shale gas drilling, so when it happens, MDN is happy to mention it. U.S. Senator Joe Manchin from West Virginia, former governor of that state who won a special election to fill the seat of Robert Byrd, said the following at a recent symposium on natural gas:
Southwestern Energy provides the following update of its Marcellus Shale activities in its recently released third quarter report. The update shows that Southwestern’s Marcellus activity is concentrated in Bradford and Susquehanna counties in PA.