New York Governor Andrew Cuomo’s decision to ban hydraulic fracturing has been heard around the world. It’s a choice that separates that state from others that are considered just as blue and just as green.

In most other states around the country, the debate over whether to allow such fracking, as it is known, is over the terms of that drilling — not over whether it can occur or not. Even in California, such exploration is positioned to go forth with the blessing of a progressive governor.

As for New York, it has been studying the health and safety affects of fracking and it has concluded that there are “significant public health risks.” While a divisive decision, it is one that is slightly muted by the fact the multiple townships within the state have banned fracking under their zoning laws — a decision that was upheld by an appellate court there this past summer.

Reactions from natural gas groups and environmental organizations have been predictable, with the former saying that the state is denying its citizens economic momentum while the latter is saying that the financial benefits of that exploration have long-been overstated.

Either way, the political overtones are palpable. As to whether they have economic and environmental merits, though, depends on which analyses are cited. New York State’s own study concludes that the environmental costs outweigh the economic benefits.

Producers say that the process is proven and they point to a Yale University studyindicating that as long as current production rates are constant, shale gas development would add $100 billion a year to the national economy. The same analysis says that environmental mishaps could be limited and mitigated.

Opponents say that fracking is allowing dirty water to escape into watersheds. Nationally, there is a move afoot to require the disclosure of the chemicals used to drill. Opponents are citing a study from the Colorado School of Public Health that says those living near drilling sites are getting exposed to unhealthy conditions.

“I will be bound by what the experts say,” said Governor Cuomo, at a press conference earlier today, referring to his state’s own experts.

Fracking is the process of going a mile beneath the earth’s surface to loosen the shale gas, and shale oil, from the rocks where they are embedded. To succeed, developers use a concoction of water, sand and chemicals — a process where the dirty water can flow back to the top and taint aquifers.

Skeptics of fracking are pointing to Pavillion, Wyoming, where the Environmental Protection Agency had examined whether the fracking process polluted drinking water there: Regulators had discovered “synethetic chemicals” associated with drilling, which had contaminated the ground water. The samples, furthermore, didn’t meet the Safe Drinking Water Act standard.

The cause: EPA said that the Pavillion wells were too shallow, or about a quarter of the distance of most such development. If drilling is closer to the surface, then it increases the chance that chemicals would escape and that water supplies would be dirtied. Since that finding, however, EPA has turned over the investigation to Wyoming regulators.

The Marcellus Shale, where New York sits, is perhaps the richest formation in the country. The U.S. Energy Information Administration says that 2,203 trillion cubic feel of shale gas is technically recoverable there, or enough to last 92 years. States such as Pennsylvania and West Virginia are already prospering in that formation, whereChesapeake Energy CHK +2.46%, Range Resources RRC -2.94% and Shell Appalachia are active. Maryland, meanwhile, gave preliminary approval in November to drill there.

“When we go out there and do a site, we cordoned off the whole area,” says Scott Rotruck, vice president of Chesapeake Energy, in an earlier interview with this writer. “Nothing gets out.”

Economically, the shale gas revolution is marching on and creating jobs and prosperity in its wake — nearly 3 million new U.S. jobs by 2020, of which 1.7 million will be permanent, says consulting firm McKinsey and Company.

Moving West, the Monterey Shale that stretches from Central California and into Southern California holds 15.4 billion barrels recoverable crude, says the U.S. Energy Information Administration, although that number is now being scrutinized and could be as little as 600 million barrels. By comparison, North Dakota’s Bakken Field has 3.6 billion barrels — a place that now has 3 percent unemployment. Nationally, 25 billion barrels in proved shale oil exists.

If that oil could be accessed with existing technologies, California Governor Jerry Brown has said that the economic possibilities must be tapped while continuing to bring down greenhouse gas emissions.

Interestingly, California now produces nearly 10 percent of the nation’s oil, which is on par with that of Alaska. Among the leading developers there are Chevron Corp., Occidental Petroleum and Breitburn Energy Partners.

Throughout the country, new areas are opening up to unconventional natural gas and oil shale development, with restrictions. Industry is complaining that such oversight is burdensome. But environmentalists are dismayed that pristine regions are even accessible. Therein is the dilemma, which is how to promote economic development while limiting emissions and degradation.

To this end, New York will keep its outright ban while others will tap their shale basins. Under any circumstance, it must be done safely, or more states will place moratoriums on drilling.