Economic Benefits of Fracking
From Americans for Tax Reform:
Marcellus Shale Economic Impact, Bigger Than We Thought
Penn State recently finished its third study documenting the development of the Marcellus Shale and its economic impacts on Pennsylvania and the United States. The report shows that the Keystone State is on track to be adequately prepared with enough natural gas to power everything from a home, to an office building, to consumers in other states. A summary of the report’s findings are as follows:
A Lucrative Investment – private companies are on track to continue investing billions of dollars in Pennsylvania’s Marcellus natural gas. According to the study, $5.3 billion was spent on drilling activities in 2009, an estimated $11.5 billion will be spent in 2010, and on pace to $12.7 billion in 2011.
Increases GDP, Jobs, and Revenue - $11.5 billion spent in 2010 generated $11.2 billion in additional value. The employment in the state jumps to +336,000 jobs for 2011-2012. And $2.6 billion generated in additional tax revenues during 2011-2012.
This dramatic increase in Marcellus drilling greatly surpasses conventional gas wells. Penn State found that natural gas production from the Pennsylvania Marcellus will average 3.5 billion cubic feet (BCF) per day during 2011 and will most likely surpass 6 BCF during 2012. When at the same time approximately 0.5 BCF per day of production is generated from conventional gas wells.
That’s not all. This study projects that Marcellus gas production could expand to over 17 BCF a day by 2020. Lastly, the study finds Marcellus Shale will greatly increase domestic energy production, and reduce government deficits.
Despite the good news, gas development costs in Pennsylvania are relatively higher than other regions due to more regulations. We all must do our part to make sure the natural gas industry in Pennsylvania lives up to the expectation s cited in this study. So, please contact Pennsylvania’s legislative leaders to let them know you support the production of Marcellus Shale and that overregulation is severely holding back an industry that matters to us all and that calls for a punitive tax on the industry need to be rejected.
Read more: http://www.atr.org/marcellus-shale-economic-impact-bigger-thought-a6369#ixzz1TVmsFD5x
July 29, 2011 at 7:39 pmStealth
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I know this is off topic, but that image at the top of your blog sight….is that Pelosi skinny dipping?
July 30, 2011 at 10:50 amLiz R.
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The Penn State study you are promoting was funded by the gas industry, and therefore not independent. The numbers you cite are widely debated. And if we are so over-regulated here in PA, then why do we lead the nation in facking accidents – by a mile? I’m not saying this valuable resource shouldn’t be developed, but you are kidding yourself if you think it can be done both economically and environmentally. We’re using Gold to drill for Silver. Liz R., KeepTapWaterSafe.org
July 31, 2011 at 10:43 amFred
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If you think we should be drilling for shale gas, why does the keeptapwatersafe website applaud Sen. Leach’s “leadership” on the issue when he has sponsored a bill in the PA Senate to ban hydraulic fracturing? That doesn’t comport with your statement above. Furthermore, the most recent post on the website contains a blatant lie: namely that DEP budget cuts will undermine drilling enforcement. That’s not true. Enforcement funds don’t come from the DEP’s general budget; they come from drilling fees. In fact, the DEP now has more drilling inspectors than it has ever had.
So let’s be honest here, shall we? You pay the requisite lip service to “developing” shale gas, but everything else in your comment indicates that you think we should walk away from it. You cite fracking accidents, you say we’re “kidding ourselves” thinking we can develop shale gas with minimal impact, and you say we’re using gold to drill for silver. Those are hardly objective sentiments. So come clean. What’s your real agenda? If you’re just a enviro-leftist who thinks America should de-industrialize, say so. If you’re afraid of a resource which empowers individuals and makes them less dependent on government, say so. Just don’t lie to us.
July 30, 2011 at 6:57 pmDB Light
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Pelosi skinny dipping? As Count Floyd would say “that’s REALLY SCARY kids”.