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Gas Study: Big Bucks for Binghamton - 9/22/2009

Natural gas drilling can transform the economy.

"To New York State, to the Southern Tier, and particularly to Broome County," author of the economic impact study Bernard Weinstein said.

That's what Bernard Weinstein told the Broome County legislature Tuesday evening.

"I'm not a geologist, I'm not a petroleum engineer, I'm not a geophysicist.  I'm an economist," Weinstein said.

And Broome County tapped him to conduct a three-month study on how Marcellus Shale drilling would financially impact the Southern Tier.

"We have done our due diligence on the environmental side, we have made recommendations to the DEC, we have talked to our federal representatives.  We just believe if it's done properly, done right, it could have a tremendous economic impact on our region," Deputy County Executive Darcy Fauci said.

How tremendous?

Weinstein compares the Southern Tier to Northern Texas -- where the Barnett Formation has brought in more than six million dollars.

"Binghamton and Broome County are sitting right on top of the Marcellus Shale.  That's about five times the size of the Barnett," Weinstein said. 

And if Greater Binghamton maximizes drilling -- Weinstein says that would mean 10 to 15 billion dollars for Broome over 10 years.

And with land being snatched up in Pennsylvania, some say the county is in the perfect position.

"Town of Kirkwood, Windsor, Conklin, Binghamton are in the core of the Marcellus.  And there isn't much left of it.  So, our piece of the pie is being more valuable all the time," Legislator Marchie Diffendorf said.

But not everyone thinks drilling will deliver.

Some acknowledge the industry would create jobs, but aren't convinced they'd help the Southern Tier.

"That's what benefits us, wages that come to our local citizens.  And most of those jobs aren't," Chair of the Binghamton Regional Sustainability Coalition Chris Burger said.

But all sides will have to wait for the release of the state Department of Environmental Conservation's drilling impact study -- before anything can be done.

A release date that's again been delayed.

***Fox 40's Jan Carabeo Reporting***

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