Professor Mark J. Perry's Blog for Economics and Finance
Posted 8:42 PM Post Link
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My god... Youngstown was a candidate for MOST depressed town in America for the last 35 years........ and now it is a boomtown?Talk about a reversal.The bigger cities near that region are Cleveland and Pittsburgh, both of which have seen declining populations for the last 35 years. Unlike North Dakota which does not have the infrastructure to take in 50,000 new jobs, this region already has a glut of housing, etc. from the prior population decline. It couldn't be more perfect of a place for an oil boom.
30 miles east of me..."boom" is an unfortunate metaphor...a lot of the local people are unhappy about the earthquakes, which USGS & ODNR both agree, were caused by the nearby frack water injection well: http://www.scientificamerican.com/article.cfm?id=ohio-earthquake-likely-caused-by-fracking
"...a lot of the local people are unhappy about the earthquakes, which USGS & ODNR both agree, were caused by the nearby frack water injection well" -- rjsDon't you have a "global warming" conference to go to?
I would say that it is not going to be a boom-town. The US is in decline because the Fed's liquidity injections are destroying the currency and the real economy.
Well dang rjs that's pretty funny quoting a once credible magazine that is now a propaganda rag for the hystertical AGW proponents...
I dont think there are enough storage spaces for all the gas they are pumping out of the ground. Also there arent enough gas-powered plants to uses up the gas. With the record low prices and max capabilities to use them, i wonder if this boom will continue and if it does for how long before it stalls.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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