Cabot Oil & Gas Corporation (COG)

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New York considers ending fracking moratorium

August 22, 2012

Reports suggest that New York environmental regulators might be planning to reverse course on the state's long-standing moratorium on the oil and gas exploration technique known as hydraulic fracturing, according to CBS News.

Much of New York's southern border lies on top of the massive Marcellus shale play, one of the largest deposits of unconventional natural gas in the U.S., but concerns about the environmental impacts of the methods used to extract such gas led officials to prevent any significant exploration.

After years of lobbying from the industry and landowners in those regions, the state could be considering laying out strict guidelines for the practice.

Initial reports suggested that New York Governor Andrew Cuomo was considering a proposal that would allow fracking only in several southwestern counties where the Marcellus shale is primarily located.

However, opinions on the process remain mixed, with The Albany Times-Union reporting a new survey from the Siena Research Institute found nearly even support and opposition for fracking, with 39 percent in favor and 38 percent against.

Natural gas production outlooks are available at PennEnergy's Research area.