... the United States can reap massive economic benefits from allowing the export of natural gas. Will the Obama administration go for the gold - or continue yielding to anti-export hysteria?
Four years after the financial crisis, state and local governments all over the nation continue to feel the lingering effects.... Our area desperately needs revenue and a way to expand its shrinking tax base. Shale gas development can safely provide this much needed boost.
Good news on the climate-change front: A shift from coal to natural gas by U.S. power plants -- made possible by the drilling technology known as fracking -- has cut the nation's planet-warming carbon dioxide emissions by 500 megatons a year. According to Foreign Policy magazine, that's roughly double the impact of all the climate-change agreements signed everywhere in the world over the past 20 years. Combined.
While much has been said about funding of the University at Buffalo's shale institute, the criticism ignores an "inconvenient truth" about energy-related research and how it is reported. All too often, the focus is on the role the oil and gas industry plays in sponsoring studies and acquiring data about drilling in general, and especially production and extraction activities in U.S. shale formations. While it's never stated (except by environmental activists), there is an underlying sense the findings are suspect because they come from the industry.
Many observers, especially those in the political mainstream, are waiting to see if the governor is so easily influenced by a politically important minority that he is willing to forgo an entire industry that will benefit large swaths of New York and its neediest residents. While national politicians have a knack for pandering, very few have turned down the levels of economic activity that hydraulic fracturing is expected to provide.
This Philadelphia Daily News commentary deals specifically with the impact of the Marcellus Shale on Pennsylvania's economy -- but is pertinent to how natural-gas production in the U.S. is boosting the American economy and creating jobs. It also discusses a secondary -- and perhaps longer-lasting -- impact of natural-gas production in America: the potential for a substantial increase in base manufacturing activity.
U.S. oil and natural gas production is higher today than it has been for many years, providing a big boost to the economy at a time of sluggish job and income growth.
Regardless of your position in the debate over hydraulic fracturing, something we can all agree on: New York state needs an economic jump-start. Local businesses that have supported communities for years are now struggling to survive. However, let's look at what has happened in one company in neighboring Pennsylvania with shale development.
Natural gas prices in the United States have been low in the past few years, and increased estimates in natural gas reserves from shale formations in Pennsylvania, New York, Texas, Oklahoma, Arkansas, and Louisiana are opening opportunities to increase exports to other nations. In some countries, natural gas prices are three times as high as they are in the United States.
Studies from the Public Policy Institute and the Manhattan Institute document the benefits of Marcellus Shale development for the state of New York.