North Carolina Can Now Enter 21st Century of Energy Development
RALEIGH – Americans for Prosperity – North Carolina today applauded Governor McCrory for signing Senate Bill 786, the Energy Modernization Act, into law. This legislation ends the state moratorium on hydraulic fracturing.
“The bill will move North Carolina into the 21st century of energy development by finally opening our state to natural gas extraction,” explained John Dudley, the NC State Director of Americans for Prosperity. “Ending the moratorium on fracking will allow entrepreneurs to tap into the natural gas resources currently sitting dormant and use it to create jobs and low-cost, efficient energy. We urge the Oil and Gas Commission to quickly write reasonable rules for safe, environmentally friendly natural gas drilling and extraction.”
The Energy Modernization Act creates the State Oil and Gas Commission. It instructs the Commission to create rules for the development of North Carolina’s oil and gas resources. The law also requires the Commission to make an annual report to the Joint Legislative Commission on Energy Policy and the Environmental Review Commission.
Economist Mike Walden of N.C. State University found that natural gas well and drilling operations would create about $80 million in economic activity and sustain, on average, nearly 500 jobs a year.