JAW-DROPPING FIGURE: Hydraulic Fracturing Market for North America Set to Reach $51.93 Billion Mark by 2020

According to a report detailed on PR Newswire (Oct. 8, 2014 /PRNewswire/London), North America’s hydraulic fracturing market is forecasted to reach the $51.93 billion mark by 2020, up from $41.96 billion in 2013, with nearly 4 per cent compound annual growth rate. The report analyzes different world market segments, and includes matters affecting the hydraulic fracturing industry and its key players.

 

North America appears to lead the forecasted hydraulic fracturing markets. Its dominance is likely attributable to the increase in shale and exploration activity within the United States.

New York State, however, has instituted a moratorium on hydrofracking until the New York Department of Environmental Conservation completes its environmental impact analysis (known as a Supplemental Environmental Impact Statement, or SGEIS), which was started in 2008. Governor Cuomo is expected to decide whether to lift the moratorium once the SGEIS is published. To date, he hasn’t “made a decision either way” on fracking.

NO PRESSURE: Gov. Cuomo Won’t Rush Publication of Department of Health’s Hydrofracking Health Study

During an interview with the Buffalo News on Tuesday, September 23, 2014, Governor Andrew Cuomo said that he’s not going to hurry the publication of a long-awaited hydrofracking health study by the New York Department of Health (NYSDOH). “When it’s ready, it’s ready,” Cuomo said. “I’m not going to rush them.”

The health review, which is one component of the State’s environmental impact analysis (known as a Supplemental Environmental Impact Statement, or SGEIS), is a health analysis of shale development and hydrofracking in New York State. New York State has had a moratorium on hydrofracking since the SGEIS review was initiated in 2008. In September of 2012, New York’s Department of Environmental Conservation Commissioner Joseph Martens asked NYSDOH to assess the potential health impacts of hydraulic fracturing. In February of 2013, NYSDOH requested additional time for its review.

Cuomo will decide whether to lift the moratorium once the NYSDOH completes its study and the SGEIS is published. He insists that, to date, he hasn’t “made a decision either way” on fracking.