Sunday, November 20, 2011

New Era of Oil and Gas Exploration Promises To Bring Economic Boom and 200k Jobs to Ohio

Map shows where the "shovel-ready" jobs are in Ohio
Granville, Ohio — "Providing further evidence that Ohio is on the cusp of a possible economic oil and gas boom, the Ohio Oil & Gas Energy Education Program released its second economic impact study, which provides data about how the state’s natural gas and crude oil industry positively impacts Ohio’s economy today, and includes the first comprehensive study about how planned oil and gas development in Ohio’s Utica shale formation might impact the state over the next five years.

“Pursuing oil and gas exploration in the Utica has the potential to turn Ohio’s economy around,” said David Mustine, general manger for energy at JobsOhio. “It’s an amazing economic opportunity.”

Here are some highlights from the report:

1. Ohio’s natural gas and crude oil industry could help create and support more than 200,000 Ohio-based jobs from the leasing, royalties, exploration, drilling, production and pipeline construction activities for the Utica shale reserve.

2. The state could experience an overall wage and personal-income boost of $12 billion by 2015 from industry spending.

3. Royalty payments to landowners, schools, businesses and communities could increase to as much as $1.6 billion by 2015 — a number that exceeds the total amount of royalties distributed by Ohio’s natural gas and crude oil industry in the last decade.

4. Total tax revenue from oil and gas exploration and development in the Utica shale formation from 2011 until 2015, including severance, commercial activity, ad valorem (property), federal, state and local taxes, is projected to be approximately $479 billion.

5. Industry expenditures related to Utica shale development could generate approximately $12.3 billion in gross state product and result in a statewide output or sales of more than $23 billion.

MP: The new domestic energy mantra should be "Drill, create and collect," i.e. drill, drill, drill = jobs, jobs, jobs created, and taxes, taxes, taxes collected. 

HT: Warren Smith

4 Comments:

At 11/21/2011 10:06 AM, Blogger VangelV said...

Yet more hype without looking at the facts. Since when is cash flow unimportant?

 
At 11/21/2011 12:44 PM, Blogger al fin said...

You mean Ohio (and N. Dakota, Texas, Louisianna, Pennsylvania etc etc) are getting all of this benefit -- No Thanks to Obama?!?

Lisa Jackson, El Jefe Salazar, and Mr. Obama himself will have something to say about this outrage!

Besides, all of this new oil & gas is making it harder for Russia to hold Europe over an energy barrel! Can't have that.

 
At 11/22/2011 5:32 PM, Blogger Bob said...

Notice how the natural gas fields extend into the Great Lakes. Canada has gas wells drilled right up to the international border in Lake Erie. The US does not allow such drilling. I recall one time being savaged by one of our northern neighbors about the horrid environment policies of the US. Makes you think twice...

 
At 11/22/2011 8:19 PM, Blogger VangelV said...

Notice how the natural gas fields extend into the Great Lakes. Canada has gas wells drilled right up to the international border in Lake Erie. The US does not allow such drilling. I recall one time being savaged by one of our northern neighbors about the horrid environment policies of the US. Makes you think twice...

What is so unfriendly about drilling for the oil and gas that you use to make your life better?

 

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