Wednesday, December 26, 2012

AP: Fracking not likely to start in 2013

Posted By on Wed, Dec 26, 2012 at 9:10 AM

An Associated Press report says that New York is unlikely to see the start of fracking in 2013, even if the state does green-light the process.

The article gives two simple explanations. For one, industry officials expect that if the state OK's high-volume hydraulic fracturing and horizontal drilling in deep shale formations, getting a permit could take up to a year.

The other issue is purely economic. Natural gas prices are incredibly low right now and shale gas is more costly to extract than natural gas drilled conventionally. Since there's something of a glut on the gas market, many drilling companies have pulled back on their shale gas drilling.

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