State pension invests in hydrofracking firms

The State Comptroller's Office has invested hundreds of millions of dollars from the state pension fund in natural gas and hydraulic fracturing companies in recent years, a review of the fund's most recent listings shows.

In all, the $140 billion fund had more than $1 billion invested in more than a dozen energy companies as of March 31, 2010, a review by Gannett's Albany Bureau shows. That includes $72 million in natural-gas giant Chesapeake Energy Corp. and $145 million in Schlumberger Ltd, a company specializing in hydrofracking and oilfield services.
The issue of gas drilling and hydrofracking has divided the state, with some touting the economic and energy benefits associated with the fuel.

Others say the extraction process, which involves the injection of millions of gallons of water and chemicals to fracture shale formations, is environmentally destructive and could lead to water contamination.

(Click to read the entire article)


Blogger Template by Blogcrowds

Copyright 2006| Blogger Templates by GeckoandFly modified and converted to Blogger Beta by Blogcrowds.
No part of the content or the blog may be reproduced without prior written permission.