Apr 24, 2012 6:23 am
In fracking news, DEC (Dept. of Environmental Conservation) Commissioner Joe Martens recently told the Associated Press the state's review of hydrofracking will likely continue through the summer. New York has not issued permits for shale gas wells using horizontal drilling since it began a review of the technology in 2008. Towns and villages throughout the state have banned or placed moratoriums on hydrofracking, and local judges have upheld bans in Dryden in Tompkins County and Middlefield in Otsego County. The Germantown Town Board approved an 18-month moratorium on the practice, Apr. 16. Read the full AP story. Meanwhile, Jeff Goodall, reporting on "The Fracking Bubble" in the March issue of Rolling Stone magazine, writes that Aubrey McClendon, the CEO of Chesapeake Energy, one of the biggest names in gas fracking, borrowed billions of dollars to finance the company using his own stake in the wells as collateral. Chesapeake is projecting a $10 billion revenue shortfall this year, and according to Goodall, the company's financial practices raise additional questions about its environmental claims. "If Chesapeake plays this fast and loose with disclosure on McClendon’s loans, why should we not assume they are also playing fast and loose with disclosure about chemicals that are injected underground...or the disposal of polluted flow-back water?" Read Goodall's story in the March issue of Rolling Stone.