I will write more shortly, but for those wondering, after listening to another packed crowd of residents, Council unanimously abandoned its new drilling plan. Resolution 6-2012 was defeated 7-0.
What now?
The city can either proceed to arbitration, as ordered by Common Pleas Judge Eileen Gallagher, or attempt to reach a financial settlement with Bass.
According to resident Stan Walczak, who presented his financial analysis to Council on Tuesday, due to the plummeting wholesale cost of natural gas, the drilling deal does not represent a very favorable return on investment for Bass. That financial reality should have a big impact, should the parties decide to sit down across a bargaining table with each other.
What now?
The city can either proceed to arbitration, as ordered by Common Pleas Judge Eileen Gallagher, or attempt to reach a financial settlement with Bass.
According to resident Stan Walczak, who presented his financial analysis to Council on Tuesday, due to the plummeting wholesale cost of natural gas, the drilling deal does not represent a very favorable return on investment for Bass. That financial reality should have a big impact, should the parties decide to sit down across a bargaining table with each other.
Of course residents won't really be out of the woods until the Bass Energy matter is resolved.
Hopefully, however, the message they strongly and forcefully communicated---about keeping gas wells out our Community Park---was (finally) received and embraced by Mayor Coleman and Council.
