So, New York now plays second-fiddle to . . . Ohio?
So noted Wall Street Journal editorialist Jason Riley last week: Two governors in states “well-positioned to take advantage of the nation’s shale gas boom” are going in very different directions.
Thus far, Ohio’s John Kasich has lapped New York’s Andrew Cuomo. Big time.
Seeing what the shale oil and gas extraction process of fracking has done economically for neighboring Pennsylvania, Kasich committed his state to a similar course.
Indeed, he’s using the expanded tax revenues coming from shale exploration to overhaul Ohio’s tax code.
To wit, Kasich intends to raise so-called severance taxes on shale drillers while simultaneously cutting income taxes — a plan likely to pass next year.
Leaving the Empire State stuck in the starting gate. Again.
As Riley notes, Cuomo’s idea of “development” for the shale-rich yet economically bombed-out upstate region is . . . subsidies for the Buffalo Bills football team.
Cuomo fulfilled an admitted “top priority” by keeping the Bills in Buffalo (the team has been flirting with a move to Toronto for several years) — via $226 million in public subsidies for stadium renovations.
It’s nice that there’s a New York NFL team that’s not actually domiciled in New Jersey, but there’s no reason why, in financially stressed times, taxpayers should have to pay to keep the team in-state.
The deal might be excused if Cuomo were aggressively pursuing shale opportunities, as Kasich has.
Not only isn’t that happening, Cuomo’s slow-walked the lifting of the state’s 4 1/2-year fracking moratorium to placate the radical Greenies.
Net result? As the AP reports, New York’s unlikely to see benefits from fracking similar to Pennsylvania’s anytime soon.
The Department of Environmental Conservation is expected to issue fracking regulations by the end of February, but with so many delays already, there’s no reason not to expect more — especially with opponents threatening lawsuits if the moratorium is lifted.
And so, New York will be stuck with — what? Paying a sub-.500 team to stay put?