Citing existing investment and a plunge in wholesale prices, the Associated Press reports Pennsylvania can dominate Marcellus Shale natural gas production, possibly for decades.
Fadel Gheit, an oil and gas analyst with Oppenheimer & Co. in New York City, says he expects Pennsylvania to be the center of activity for the next few years, if not longer.
"The industry will always stay with what they've got," said Gheit, adding that for many companies, there's less risk sticking with a state -- and with regulations -- they know. New York, he added, is generally seen as a more liberal state than Pennsylvania, and thus more prone to imposing stricter rules on drilling.
Original source: Associated Press
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