Let’s Just Pour Pennsylvania’s Money Down the Fracking Hole

We were promised that hydraulic fracturing in Pennsylvania—the controversial practice better known as “fracking”—would bring economic joy to the Commonwealth. The environment risks, we were told, would be minimal. The rewards? Thousands of great new jobs in the energy industry, lush royalty checks for property owners, and rising prosperity throughout the state.

It sounded like an economic dream. It turns out that the reality was just as insubstantial as a dream, too.

The economic rewards have melted away like cotton candy

The jobs we were promised would magically appear from exploiting the Marcellus Shale? It turns out that many of those jobs went to out-of-state workers who moved to Pennsylvania temporarily. In other cases, coal- and oil-industry workers who were reassigned new roles in natural gas extraction were counted as new employees. A recent report by the Multi-State Shale Research Collaborative accuses government leaders and energy company executives of consistently exaggerating the economic benefits from fracking in order to negotiate concessions on taxes and regulation.

We have already seen that fracking has damaged landowner’s rights in Pennsylvania. From 2012 onward, a key issue has been fracking royalty fraud that has shrunk the monthly checks that property owners receive for leasing out their mineral rights.

Now, new evidence has been uncovered to suggest that the fracking boom has permanently altered Pennsylvania’s economic landscape—and not for the better. In other states, natural gas mining is usually confined to rural areas. Here in the Commonwealth, gas extraction operations take place everywhere, including residential neighborhoods. The result: property values plummet in areas with active fracking operations.

Today, banks are discovering that drilling leases often interfere with clear titles to real property. In consequence, banks resist issuing new mortgage loans in areas near wells. Three important regional banks are simply refusing to lend money in areas where fracking operations are active.

Economic forecasters have to warn that Pennsylvania’s property markets may encounter a financial crisis in 2014, and some say the problem may spill beyond the state’s borders to shatter the delicate U.S. financial recovery.

Have you suffered financially from the actions of an energy company?

Attorney Jon Ostroff and his team at Frackcident Injury Law give a helping hand to clients who have suffered direct harm from the actions of the energy industry in Pennsylvania. If you or a friend has suffered a financial setback due to unfair contract terms, broken promises, or gas industry greed, we urge you to contact our Pennsylvania fracking injury lawyers to get your questions answered. Report your case using our online contact form or call our phone line at (855) 880-6667.

If you’ve been victimized by the Pennsylvania fracking industry, don’t be a victim again by failing to protect your rights.