By John Lawrence
In a huge victory for the environmental movement, New York State Governor Andrew Cuomo has banned fracking. I guess President Obama is not the only one that can get things accomplished by executive order. Experts have made analyses that identified contamination threats to water, soil and air, the absence of reliable health studies or proof that drillers can protect the public, as well as diminishing economic prospects. All good reasons for the public to demand a fracking ban.
Fracking is also being delivered a death knell by market forces. Since it costs more to access oil by fracking than it does by conventionsl drilling, if the price per barrel falls below a certain point, fracking becomes uneconomical. Lo and behold, thanks to the Saudis who have been keeping production up, the cost per barrel has fallen to around $60. It has to be higher than $80. for fracking to be profitable. [Read more…]