NEW YORK, NY October 16, 2008 —New York State sits atop huge reserves of natural gas, and energy companies want to start drilling as soon as possible. Yesterday supporters and opponents of drilling testified in Albany. WNYC's Ilya Marritz was there.

It's not every day that the legislature holds a hearing, and the representatives of big energy companies show up. Yesterday Chesapeake Energy's Thomas Price touted the economic benefits gas drilling could bring.

PRICE: Constituents in your very districts who are today hurting because of the sub-prime crisis with producing well royalty income that could amount to millions of dollars each month.

REPORTER: Price said gas could be extracted safely on the 1 million acres Chesapeake has already leased in New York.

But New York City is pushing for stronger regulations, to protect upstate drinking water reservoirs.

The Department of Environmental Conservation is considering the matter. DEC expects to complete its review in the Spring of 2009.

For WNYC, I'm Ilya Marritz.