Monday, June 11, 2012

Fracking Prosperity Spreads Across Ohio

Bloomberg -- "Hydraulic fracturing is bringing new development to the Midwest, creating demand for commercial real estate in the region even as landlords struggle to pay off earlier property loans. Chesapeake Energy, the second- largest U.S. natural-gas supplier, has acquired $2 billion in land leases comprising 1.35 million acres in Ohio and contributing to the beginnings of an economic recovery in the state.

“Thank God for the oil and gas business,” said Tim Putnam, president of Putnam Properties Inc., a commercial real estate company based in Canton, about 60 miles south of Cleveland. “It’s created a lot of optimism among people who live here.” 

Energy production in the state may add $4.9 billion to Ohio’s economy in 2014, according to a study by researchers from Cleveland State University, Ohio State University and Marietta College."

19 Comments:

At 6/11/2012 10:47 AM, Blogger Larry G said...

some Context.... 5 billion is certainly not chump change but by my research it is about 1% of Ohio's Gross State Product.

Real Estate and Construction in comparison, even after the meltdown appears to be a far bigger percentage.

every little bit helps - but it's not the savior of Ohio's economy.

 
At 6/11/2012 10:48 AM, Blogger Larry G said...

oops -

http://www.development.ohio.gov/research/files/E100.pdf

 
At 6/11/2012 11:07 AM, Blogger Unknown said...

This is in its infancy stages. There will be much more to come, and $5 billion will look like chump change by around 2020. Plus, I don't think that number counts the multiplier effects.

 
At 6/11/2012 12:11 PM, Blogger Info Source said...

If you have ever been to Cleveland you would know that 5 billion dollars could be put to good use tearing down that city. 5 billion trying to restore it would be throwing good money after bad.

 
At 6/11/2012 12:12 PM, Blogger Info Source said...

If you have ever been to Cleveland you would know that 5 billion dollars could be put to good use tearing down that city. 5 billion trying to restore it would be throwing good money after bad.

 
At 6/11/2012 1:42 PM, Blogger VangelV said...

Energy production in the state MAY add $4.9 billion to Ohio’s economy in 2014, according to a study by researchers from Cleveland State University, Ohio State University and Marietta College."

Or it may not. We note that malinvestment may seem like a positive early in the game but is very harmful when it has to be liquidated. Ohio would be much better off if it defaulted, downsized government and allowed the unhampered marketplace to work as it is supposed to.

 
At 6/11/2012 2:04 PM, Blogger Jon Murphy said...

If you have ever been to Cleveland you would know that 5 billion dollars could be put to good use tearing down that city.

What's wrong with Cleveland? I rather like it. You got Jacobs Field, you got the Cavaliers, you got...um...well, I just go for sports.

 
At 6/11/2012 2:21 PM, Blogger Larry G said...

...the rock and roll hall of fame?

 
At 6/11/2012 2:44 PM, Blogger Jon Murphy said...

...the rock and roll hall of fame?

Oh, good point.

 
At 6/11/2012 3:26 PM, Blogger juandos said...

"..the rock and roll hall of fame?

Oh, good point.
"...

Surely you jest, right?

That pig palace is a waste of extorted tax dollars...

I can see why larry g might think its a good idea though...

 
At 6/11/2012 3:36 PM, Blogger Rufus II said...

I wouldn't apply for my Visa just yet.

Of the five producing Utica Shale wells, the top well is producing 72 bbl/day.

Link

 
At 6/11/2012 3:39 PM, Blogger Rufus II said...

And, that's after only 92 days of production.

 
At 6/11/2012 3:41 PM, Blogger Jon Murphy said...

Surely you jest, right?

Nah, I love the Rock 'n' Roll Hall of Fame!

 
At 6/11/2012 3:44 PM, Blogger VangelV said...

Of the five producing Utica Shale wells, the top well is producing 72 bbl/day.

And, that's after only 92 days of production.


But you don't get "IT".

It must different this time or they wouldn't be 'investing' in $10 million wells.

 
At 6/11/2012 3:59 PM, Blogger Ron H. said...

juandos: "That pig palace is a waste of extorted tax dollars..."

O wow. Just when I was thinking nothing could surprise me.

I like the band name, but it may not mean anything considering who the members are.

Gotta love the comments on this article.

 
At 6/11/2012 4:01 PM, Blogger juandos said...

"Nah, I love the Rock 'n' Roll Hall of Fame!"...

Well jon murphy would you love it enough to reimburse the taxpayers the $63 million they paid for it?

 
At 6/11/2012 4:03 PM, Blogger Jon Murphy said...

Well jon murphy would you love it enough to reimburse the taxpayers the $63 million they paid for it?

I'll probably spend that much over the course of my life at that place and in Cleveland :-P

 
At 6/11/2012 4:18 PM, Blogger juandos said...

"I'll probably spend that much over the course of my life at that place and in Cleveland :-P"...

Well now jon murphy you really do like that place...

In all seriousness good for you...

Two summers ago I visited the pig palace and that one visit was twice as often as I needed to see it...

I should've spent that time at Cedarpoint which was the original reason for going to Cleveland...

Cedarpoint is heaven on earth...

 
At 6/11/2012 4:22 PM, Blogger juandos said...

"Gotta love the comments on this article"...

Yeah ron h personally I was rather impressed that reality was settling in with some folks...

More and more people are starting to become aware of Great Moments in Government Waste...

 

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