Two big blows to the natural gas industry have come in less than 24 hours, with both the province of Quebec and New York state effectively banning shale gas extraction over concerns with the process of hydraulic fracturing (a.k.a. “fracking”).
Fracking allows for the cheap extraction of natural gas from shale deposits that were previously inaccessible, and it is responsible for both the boom in natural gas production as well as the correlate controversy.
Citing public health and environmental concerns, Quebec Premier Phillipe Couillard announced yesterday that there would be no shale gas development in his province. The day prior Quebec's environmental review board released a report finding that there are “too many potential negative consequences to the environment and to society from extracting natural gas from shale rock deposits along the St. Lawrence River.”
Today New York State made a similar move imposing an outright ban on fracking.