New Oil, Gas Legislation
New legislation establishing spacing requirements for natural gas wells and a streamlined permitting process will help rejuvenate the natural gas and oil industry and lead to economic revitalization across the Southern Tier, predicted State Sen. Cathy Young, who supports the legislation.
“From Chautauqua to Delaware County, more natural gas will be recovered, potentially triggering a billion-dollar investment in the upstate economy,” said Young, describing the Marcellus Shale gas deposits currently being developed from West Virginia to the Catskills.
She said New York’s natural gas market value is $500 million a year, with an estimated $64 million in royalty returns for landowners. An additional $20 million in state and local tax revenues could be generated.
“From Chautauqua to Delaware County, more natural gas will be recovered, potentially triggering a billion-dollar investment in the upstate economy,” said Young, describing the Marcellus Shale gas deposits currently being developed from West Virginia to the Catskills.
She said New York’s natural gas market value is $500 million a year, with an estimated $64 million in royalty returns for landowners. An additional $20 million in state and local tax revenues could be generated.
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