Friday, September 30, 2011

Utica Shale Development, Economic Impact - Ohio Oil & Gas Energy Education Program

On September 20th the Ohio Oil & Gas Energy Education Program or OOGEEP released a study detailing the economic impact of the natural gas and crude oil industry on Ohio. The Utica Shale was cited as the driver of the increased economic activity. According to the report, the increased activity would help support or create 200,000 jobs, and a $12 billion wage and person income boost by 2015.

The study also pointed that even in 2010 the oil and gas exploration related to the Utica Shale accounted for $793 million in salaries and personal income for Ohioans, $90 million in royalty payments to locals, and $32.7 million in taxes. 2011 to 2015 projections increase the numbers significantly.

“The data clearly demonstrates the transformative force oil and gas exploration and development could have on the state’s economy,” said Rhonda Reda, executive director of OOGEEP. “Ohio has been given great geological gifts and the economic potential is tremendous.

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