New York business groups normally support Gov. Andrew Cuomo, though they are now up in arms against his policy on hydraulic fracturing, also known as fracking, for natural gas in upstate New York.
Gov. Cuomo, who is a Democrat, appears to be treading cautiously on fracking, saying he is waiting for the state Department of Health to table a report on the issue before making up his decision on whether to oppose or back the practice.
Fracking is allowed in nearby Pennsylvania and has contributed to massive economic growth in states such as North Dakota and Texas, reported the Wall Street Journal.
“The business community would have liked to see a responsible approach to fracking move forward to make upstate a little less dependent on the New York City economy,” noted Kathy Wylde, president of the Partnership for New York City, a business lobby. “It’s been frustrating that fracking has been stalled.”
While businesses favor fracking, environmentalists have expressed concern that fracking may pollute drinking water. However, Mr. Cuomo has opted to take the middle ground on the matter, keeping observers guessing his next move. This stance saw a section of environmentally-conscious voters in the Democratic primary vote for first-time liberal candidate Zephyr Teachout by a respectable margin due to her strong opposition to fracking.
Following her loss in the Democratic primary, Teachout said she will only endorse Mr. Cuomo if he agrees to oppose fracking.
Though New York business community has praised Cuomo for controlling state spending and assisting troubled upstate towns, they complained about his inability to fast-track the use of fracking. However, Mr. Cuomo has refused to budge, saying he will only make his decision based on science, not on emotion. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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