Breitling Oil and Gas Morning Podcast #80 May 30th, 2012

Vermont will be the first state to outlaw a controversial oil and gas drilling method known as fracking when Governor Peter Shumlin signs a bill banning the practice, a largely symbolic move given the state’s apparent lack of energy reserves.

Hydraulic fracturing has helped companies tap potentially decades of gas supply and huge amounts of oil from previously inaccessible shale formations dotted across the United States in recent years.

Environmentalists say the practice, which involves injecting millions of gallons of chemical-laced water into underground wells, may contaminate groundwater and trigger earthquakes.

Governor Shumlin does support the fracking ban,” said a spokeswoman for Vermont’s Democratic governor. “He will sign the legislation when it reaches his desk.”

Vermont’s House and Senate recently approved the measure and the bill is undergoing a final review by legislative staffers before being sent to the governor.  I think Vermont is making a big mistake doing this especially when it does not even help or hinder their state.

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