Unlikely Hospitalist highlights an interesting anomaly. While New York's state government appeases its leftist constituents by delaying shale gas production, the state's huge pension fund is betting on fracking.
Regardless of lefty puppet Barbara Lifton's party line position, our state government's hunger for cash is insatiable. Count on fracking to proceed, regardless of the lawn signs.In all over $1 billion has been invested in more than a dozen energy companies as of March 31, 2010. Included in this is $72 million in Chesapeake Energy Corporation and $145 million in Schlumberger Ltd, a company specializing in hydrofracturing and oilfield services.
It turns out to have been a pretty good investment as the fund has made over $152 million in recent years.