New York State Assembly Votes to Ban Fracking for Three Years

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New York State Assembly Votes to Ban Fracking for Three YearsNew York State Assembly on Monday voted in favor of a moratorium that banned fracking for natural gas in the state for three years, though it is widely expected that this is how far the measure will go.

This is because the Senate may not consider the bill before the Senators adjourn this week. New York has had a fracking moratorium since 2008 when an environmental assessment on the potential hazards of fracking was commissioned in 2008, reported Wall Street Journal.

The Assembly Speaker Sheldon Silver noted that there is no need to decide on fracking until the effect of the technique on the environment and human health are assessed.

Governor Andrew Cuomo is expected to decide whether to extend the moratorium once the state’s health department submits the health impact review that was launched in 2012.

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In arriving at its decision, the Assembly relied on the reviews done in Pennsylvania and Colorado that indicate that cancer, birth defects and other health complications increased due to fracking activities. The studies also noted that hydraulic fracturing may potentially contaminate the environment and drinking water supplies.

“This legislation is far reaching, and I cannot support a measure that continues to delay natural gas extraction of any kind and ultimately translates to a suspension of jobs and revenue for the residents of this state,” said Assemblyman Clifford Crouch (R-Bainbridge).

Fracking is a method of extracting oil and natural gas by pumping in a mixture of chemicals, sand and water into the underground shale formations at high pressure in order to free the fossil fuels. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com