Garrett County and Natural Gas - Risks and Benefits

A selection of categorized links to allow one to assess the risks and benefits of gas development in Garrett Conty.

Garrett County Montage

Economics

This webpage has references to articles/reports that examine the economic benefits and/or drawbacks to gas development.

- 1031 - [January 14, 2015] - CBS Pittsburgh, Andy Sheehan - "Cheap Fuel Prices Hurting Shale Gas Industry"
"Natural gas prices are falling in Western Pennsylvania and while it may be good for consumers, it may not be good for the Marcellus Shale gas industry.
The falling prices have become a thorn in the side of the burgeoning shale gas industry and production has now scaled back from 140 active rigs three-years ago, to just 75 today."
- 1067 - [January 18, 2015] - The Intellidencer / Wheeling News-Register, CASEY JUNKINS - "Falling Prices May Halt Shale Rush - Oil, Gas Producers Slowing Down Operations"
"Gastar Exploration is among several companies cutting their drilling forecasts for this year, a sign that lower natural gas and oil prices are starting to hit home in the Marcellus and Utica Shale region.
The spot price of natural gas is nearing $3 per thousand cubic feet, the lowest it's been since it fell below $3 per Mcf in mid-2012.
Consider this: in December 2004, the average daily production of dry natural gas in the United States - the product used in home heating sources - stood at about 2.8 billion cubic feet. In December 2014, production had swelled to more than 39 billion cubic feet per day, according to the U.S Energy Information Administration."
- 1126 - [April 28, 2013] - Urban Economics, Zheng Lu - "Possible Effects of Hydraulic Fracturing and Shale Gas Development in Durham County"
"Presently, hydraulic fracturing is not approved in North Carolina. However, on February 27, 2013, the North Carolina Senate approved a bill which would allow the North Carolina Mining and Energy Commission to start issuing permits for fracking by March 2015. The bill is currently being debated in the North Carolina House (Drye). In order to study the effects of hydraulic fracturing, a comparison can be made to other areas that have recently permitted fracking. Washington County, Pennsylvania provides a good source for comparison. Shale gas wells have recently been drilled in that area."
- 1129 - [January 20, 2015] - USA TODAY, Gary Strauss, USA TODAY - "Baker Hughes to lay off 7,000 as oil patch layoffs mount"
"As crude oil prices continue slipping, pink slips are mounting in the oil patch.
The latest: oilfield services provider Baker Hughes (BHI), which said Tuesday it plans to lay off about 7,000 employees — or about 11% of its workforce — in the wake of a nearly 60% drop in the price of crude oil.
Baker Hughes joins several other energy companies to slash jobs in the oil patch.
Last week, Schlumberger announced plans to cut 9,000 employees, about 8% of its global workforce. Suncor Energy earlier announced plans to cut 1,000 workers from its Canadian tar sands projects. In December, Halliburton announced it would cut 1,000 workers, about 1% of its workforce. Apache Oil has terminated 250 employees, or about 5% of its employees."
- 1130 - [November 15, 2013] - caltech.edu, Thomas R. Covert | Harvard Business School and Harvard University Department of Economics - "Experiential and Social Learning in Firms: The Case of Hydraulic - Fracturing in the Bakken Shale - JOB MARKET PAPER"
"Learning how to utilize new technologies is a key step in innovation, yet little is known about how firms actually learn. This paper examines firms’ learning behavior using data on their operational choices, profits, and information sets. I study companies using hydraulic fracturing in North Dakota’s Bakken Shale formation, where firms must learn the relationship between fracking input use and oil production. Using a new dataset that covers every well since the introduction of fracking to this formation, I find that firms made more profitable input choices over time, but did so slowly and incompletely, only capturing 67% of possible profits from fracking at the end of 2011. To understand what factors may have limited learning, I estimate a model of fracking input use in the presence of technology uncertainty. Firms are more likely to make fracking input choices with higher expected profits and lower standard deviation of profits, consistent with passive learning but not active experimentation. Most firms over-weight their own information relative to observable information generated by others. I use these model estimates to measure the impact of information availability regulations on learning."
- 1152 - [September 12, 2013] - philly.com, WILL BUNCH, Daily News Staff Writer - "Pa. fracking boom goes bust"
"IT WAS JUST a couple of years ago that fracking was booming in upstate Pennsylvania's Bradford County, and Janet Geiger, a retired hospital worker living on a 10-acre spread near the New York border, could count on getting a $300 to $400 check every month from the gas giant Chesapeake Energy Corp., which was drilling under her land.
But both the gas and the checks - with the financially ailing Chesapeake now claiming big deductions - dwindled until finally, in March, a check never showed up. "I thought the mail had gotten lost," said Geiger, 74, but after a week she finally reached someone with the Oklahoma gas driller who explained "they didn't have a buyer [for the gas] that month.""
- 1166 - [January 24, 2015] - Bakken.com, Bakken.com - "Layoffs in the Bakken and a shifting economy"
"As the oil price slump persists consumers are reaping the benefits of lower fuel costs. Towns like Williston, however, with economies structured around the oil and gas industry, are beginning to see the effects of the nation-wide drilling slowdown.
A recent report from CNN Money examines how the slowdown is beginning to affect workers in the Bakken oil formation of Montana and North Dakota. Across the nation, oil and gas companies have been announcing layoffs. Schlumberger, the world’s largest oilfield services company, reported that it would cut 9,000 jobs companywide. Earlier this week, Baker Hughes announced the layoffs of about 7,000 employees by the end of March."
- 1173 - [January 26, 2015] - observer-reporter Washington Co., Michael Bradwell - "Couple surprised by Pa. Revenue Dept. audit letter"
"William and Colleen Toe of Chartiers Township have received natural gas royalties over the past few years. The couple deducted the costs of production and paid taxes on the net amount. Now, they’ve received a letter instructing them to pay more than $15,000 to the state Department of Revenue."
- 1181 - [January 2015] - Smart Growth, University of Maryland, National Center for Smart Growth Research & Education - "STAR Project"
"Working with local governments, civic organizations, and local residents in each Western Maryland county, the project team will identify the particular needs and opportunities for sustainable economic development in Western Maryland and ensure that those needs are incorporated in PlanMaryland, the state development plan. The work will include analysis of existing social, economic, and environmental conditions including housing, transportation, and critical infrastructure. It will also include the exploration of alternative future scenarios that involve different assumptions about energy prices, investments in transportation and public investments, and land use policies."
- 1193 - [January 28,2015] - Bakken.com, Zach Koppang | Shale Plays Media - "Montana’s Bakken boom might have gone bust"
"The Bakken oil boom in Montana has gone bust, or at least that’s the belief held by Terry Johnson, director of energy research at the University of Montana’s Bureau of Business and Economic Research.
Montana Public Radio reports that Johnson said, “I would argue that the Bakken boom in Montana actually occurred back in 2005 and 2006. That the boom is really no longer that present in Montana at this point in time.”
Last Friday, Johnson gave a presentation in Missoula and said it appears that Montana’s oil wells in the Bakken formation have reached maturity and yielding less with each passing year. Now that the price of oil has declined over half within the past year, there’s not much motivation for companies to drill new wells."
- 1198 - [January 28, 2014] - The Columbus Dispatch, Spencer Hunt & Dan Gearino - "Fracking& So where’s the economic boom that was promised?"
"Rich Moore had never heard of fracking or Utica shale until his union posted a job opening in September.
Moore is one of thousands of transient workers who live in campers, motels and apartments in shale country.
They’re here to drill and frack the Utica shale, as well as build the pipelines and processing plants that connect natural gas to businesses and houses. The demand for skilled labor has brought people from as far away as Texas and Florida to Harrison, Carroll and other eastern Ohio counties.
But out-of-state workers weren’t among the economic benefits touted by politicians and industry leaders who predicted that shale drilling would create a much-needed infusion of jobs and cash in Appalachian Ohio.
A debate over job creation and the economic benefits of eastern Ohio’s Utica shale boom has continued unresolved since drilling and fracking began in late 2010."
- 1202 - [January 25, 2015] - Kentucky.com Lexiton Herold-Leadr, XYARA ASPLEN - "Ky. voices: Beware of bad deals offered by oil, gas frackers"
"Madison County's Red Lick Valley is my home. I live on family land at the end of a winding road on the northern slope and we grow our garden in soil we've built up from the clay and shale these knobs are known for.
First, I listened as he explained that they were a Utah-based company. Then I listened as he explained the process of hydraulic fracturing (fracking); listened as he told me they were looking to develop both oil and gas; listened when he said that if they found it, they'd be on our land to stay.
And I read the lease that he sent us, read it from one end to the other, and what I saw there set my blood to boiling.
We were offered $30 an acre.
According to a legal website I recently viewed, payments have recently been as high as $5,000 an acre elsewhere. There were even clauses protecting the company from legal action should they fail to pay up (which has been an issue in other parts of the country)."
- 1217 - [September 22, 2014] - DC Bureau, Peter Mantius | Natural Resources News Service - "Fossil Fuels Get Huge Master Limited Partnership Tax Breaks – “Green” Energy Shut Out"
"Since 2008, investors have poured several hundred billion dollars into fossil fuel-related master limited partnerships that shield income from virtually all corporate taxation. The MLP tax loophole — a sort of reverse carbon tax — has heavily subsidized the nation’s ongoing oil and natural gas fracking boom.
Solar, wind and other renewable energy companies are not eligible for the MLP tax dodge. Although bipartisan support is building in Congress to extend the tax deductions to them, insiders say legislation to do so will most likely have to wait for and be a part of a comprehensive tax reform package, which has proven elusive."
- 1219 - [2012] - Journal of Town & City Management, 1756-9538 (2012) Vol. 2, 4, 000–000, Susan Christopherson and Ned Rightor - "How shale gas extraction affects drilling localities: Lessons for regional and city policy makers"
"In countries around the world, the public debate over the prospect of high volume hydraulic fracturing for shale gas has revolved around its environmental impacts, while taking as a given that exploitation of this newly available natural gas asset will produce significant economic benefits for local and regional economies. In this paper the authors use multiple methods, including a case study of the Marcellus Shale gas ‘play’ in the USA, to examine how the economic costs and benefits of high volume hydraulic fracturing have been assessed. ... The authors’ analysis indicates that, while shale gas development may increase jobs and tax revenues in the predominantly rural regions where drilling occurs, it can also impose significant short- and long-term costs. ..."
- 1220 - [January 27, 2015] - The Conversation - US Pilot, Susan Christopherson - "The false promise of fracking and local jobs"
"During the past five years, I’ve researched and written about the economic impacts of fracking and, as a long-time resident of New York, I have observed its fractious politics. What I’ve found is that most people, including politicians and people in the media, assume that fracking creates thousands of good jobs.
But opening the door to fracking doesn’t lead to the across-the-board economic boon most people assume. We need to consider where oil and gas industry jobs are created and who benefits from the considerable investments that make shale development possible.
... the core of oil and gas employment constitutes only one half of one percent of total US private sector employment."
- 1221 - [November 2013] - Multi-State Shale Research Collaborative, Frank Mauro, Michael Wood, Michele Mattingly, Mark Price, Stephen Herzenberg, Sharon Ward - "Exaggerating the Employment Impacts of Shale Drilling: How and Why."
"Over the last five years, firms with an economic interest in the expansion of drilling in the Marcellus and Utica shale formations — and their allies, supporters, and trade associations — have used a variety of tools and techniques to exaggerate the employment impacts of shale drilling. These strategies have ranged from the use of inappropriate measures, such as data on new hires, to represent job growth to the misleading attribution of all jobs in “ancillary” industries to the shale industry.
A review of statements by representatives of shale drilling firms and their allies makes the motivation for this exaggeration clear — to preclude, or at least to minimize, taxation, regulation, and even careful examination of shale drilling. "
- 1222 - [June 2013] - CARDI, Community & Regional Development Institute, Susan Christopherson, Clay Frickey & Ned Rightor - "A Vote of “No Confidence” Why Local Governments Take Action in Response to Shale Gas Development"
"In the United States, natural resource development is regulated through a complex layering of local, state and federal policies whose purposes are to aid resource extraction companies, lessen environmental damage, and ameliorate public costs incurred with resource development. Ideally, this approach enables equitable distribution of the costs and benefits of natural resource development across producing and consuming populations, and flexibility to respond to varied environmental conditions (Sovacool, 2008). This framework may be unworkable, however, if there are no mechanisms to allocate costs and benefits, or if the regions that incur the costs of natural resource development do not trust that they will be treated fairly and that their economic and physical environment will be preserved."
- 1223 - [April 2012] - American Planning Association, David West, Thomas Knipe, and Susan Christopherson - "Frack or Bust, Shale Gas Extraction Brings Local Planning Challenges"
"“Frack no!” is the rallying cry of citizens opposed to high-volume hydrofracking. According to Time magazine, fracking, a natural gas extraction method where thousands of gallons of chemically laced water are injected into wells at high pressure, was the environmental issue of 2011. Public forums (including the media) tend to stress the potential for environmental damage, while many communities assume that local growth and jobs may compensate for harm. Now a growing number of planners and citizens are questioning the validity and extent of the claimed economic benefit of resource extraction."
- 1224 - [September 2011] - CARDI, Community & Regional Development Institute, Susan Christopherson - "The Economic Consequences of Marcellus Shale Gas Extraction: Key Issues"
"This report presents executive summaries of the findings of research conducted in conjunction with the project from May 2010 to August 2011. (For a more in-depth picture on each topic, please download the complete working papers and policy briefs posted at http://www.greenchoices.cornell.edu/development/marcellus/policy.cfm.) "
- 1228 - [NA] - Conell University, Green Choices - "Articles and Policy Briefs"
"With support from the Park Foundation, the Heinz Endowments, and Cornell's Center for a Sustainable Future, a group of researchers centered at Cornell University has undertaken research to examine both the short-term (economic impact) and long-term (economic development) consequences of horizontal shale gas drilling. We also examined policies for monitoring the environmental impacts of shale gas drilling."
- 1239 - [February 3, 2015] - Bakken.com, Matthew Brown | The Associated Press - "According to recently released data from the Pennsylvania Department of Environmental Protection, various aspects of oil and gas development have contaminated about 240 private water supplies since 2008."
"High crude prices catapulted North Dakota into the top tier of the global oil market and doubled or tripled the size of once-sleepy towns that suddenly had to accommodate a small army of petroleum workers.
But now that those prices have tumbled, the shifting oil market threatens to put the industry and local governments on a collision course. Farming and ranching communities that committed to building homes, roads and schools for the swelling population are worried about how they will pay for those improvements as oil-related tax revenue evaporates."
- 1242 - [December 31, 2011] - The Baltimore Sun, Timothy B. Wheeler, The Baltimore Sun - "Gas leasing in Western Maryland spurs calls for reform. Landowners, Realtors seek more disclosure, protections."
"The first natural gas well has yet to be drilled into the Marcellus shale deposits underlying Western Maryland, but ripples already are being felt here from an industry that has brought wealth — and controversy — in neighboring states where drilling has proceeded apace.
Complaints from landowners about misleading pressure tactics by drilling company agents and concern that widespread leasing for mineral rights could hurt home sales are prompting calls for legislation to change the state's laws on leasing of land for gas and possibly other energy development.
Industry officials predict that as many as 1,600 wells could be drilled on 128,000 acres already leased in Garrett County, and 637 wells could be sunk on 51,000 drillable acres in Allegany County, according to the Maryland Department of the Environment, which regulates drilling."
- 1245 - [January 2012] - Maryland Department of Legislative Services, Evan M. Isaacson and Scott D. Kennedy - "Maryland Marcellus Shale: A Preliminary Look at Its Revenue Potential"
"While the Marcellus Shale formation is estimated to contain vast natural gas resources and is expected to have significant implications for the U.S. economy and energy stock, only a fraction of the formation is located within Maryland. The Marcellus Shale Safe Drilling Initiative is currently tasked with determining whether the development of Marcellus Shale resources in Maryland can be accomplished without undue risks to the public health and environment of the State. Currently, Maryland, several other states with Marcellus Shale resources, and the federal government are all carefully considering various regulatory frameworks and policies to mitigate any impacts resulting from the use of horizontal drilling and hydraulic fracturing to produce gas. One policy which is common among many traditional gas-producing states, and either in place or being considered in states in the Marcellus Shale region, is a severance tax to generate revenue that could be used, at least in part, for the regulation and remediation of natural gas development processes. Irrespective of what purpose a severance tax might be enacted for and how the revenue is allocated, this report shows that under various assumptions and associated price and production scenarios, a severance tax applied to the development of Marcellus Shale gas in Maryland will likely not contribute significantly to the State’s overall budget for environmental programs in the near future. "
- 1246 - [Februray 2, 2015] - Bakken.com, DANIEL TYSON | The Register-Herald, Beckley, W.Va. - "Pipelines remain big news"
"With the looming presidential veto of the Keystone XL Pipeline, which would transport gas 1,179 miles from Canada to the Gulf of Mexico, talk of jobs, energy independence and the environment has consumed hours of television airtime and barrels of ink and rolls of paper.
In West Virginia, at least four natural gas transmission pipelines are being discussed for development, and talks — whether political or kitchen table — are mirroring the national dialogue: Those for and against them are speaking of jobs, energy independence and the environment.
Two transmission pipelines have held or are in the midst of holding public hearings, the beginning step — also a federal requirement — to construction.
A report EQT issued in early December stated thousands of local jobs should be created by 2017, the height of the construction phase of the pipeline. When it is completed sometime after 2018, that number will nosedive to fewer than 70, states the report, completed by FTI Consulting Inc."
- 1251 - [NA] - geolog.com, Hobart King - "Production and Royalty Declines in a Natural Gas Well Over Time"
"This graph shows how the monthly royalty rate and daily natural gas production rate of a hypothetical gas well can decline during the first six years of production. It was constructed using an initial production rate of 2 million cubic feet per day, a natural gas price of $4/mcf and a royalty rate of 12.5%. The left axis shows the amount of the monthly royalty check and the horizontal axis shows the months of production. The right axis shows the production rate in millions of cubic feet per day. The well starts with a rapid production rate and high royalty checks. These decline rapidly during the first year and by the end of the first year they have dropped by nearly 70%. The production rate declines in each successive year and at the end of the six year period the production is down to a little over 0.1 million cubic feet per day and the royalty check is down to about $1750. This is a drop of nearly 94%! Eventually, the well will yield so little gas that it will be uneconomical to operate and will be abandoned. This curve is a hypothetical example and your well could do better or worse. Imagine what would happen if the natural gas price dropped to $2/mcf again? Decline rates vary from well to well as do production rates. Your well might be better or worse than this example."
- 1283 - [October 8, 2014] - CECD RESEARCH PAPER SERIES, Center for Economic and Community Development - "Marcellus Shale and Local Economic Activity: What the 2013 Pennsylvania State Tax Data Say"
"Development of Marcellus shale has brought many changes to parts of the Commonwealth since drilling began in select Pennsylvania counties in 2007. It is evident that this drilling for natural gas economically benefits the shale companies and energy industry; however, the local economic impacts of shale gas development activity are not quite as obvious. This analysis aims to identify the extent to which local economies have been affected by examining the Pennsylvania State Tax data - including residents’ personal taxable income and the state sales tax collections."
- 1305 - [December. 11, 2014,] - Business Insider, MYLES UDLAND - "Here Is A Simple Way Of Seeing Who Gets Screwed Most As Oil Tumbles"
"Oil is crashing. On Thursday, WTI crude oil was falling again, moving back below $61 a barrel.
Much has been made of the "breakeven" oil price for the world's drilling projects. This is the level at which the price of oil covers the cost of extracting the oil.
Read more: http://www.businessinsider.com/oil-cash-costs-2014-12#ixzz3YY16OSM4"
- 1322 - [February 10, 2015] - EagleFordTexas.com, Ross Torgerson | Shale Plays Media - "Texas Tech study proves the prowess of the Permian"
"In August 2014, a very precise and prolific study was released by Texas Tech University titled “The Economic Impact of the Permian Basin’s Oil and Gas Industry.” The study is an 80-page report that provides estimates of the 2013 economic impact of the Permian Basin’s oil and gas industry and examines these impacts at the county level as well as in the context of the overall Permian region. The Permian region includes parts of west Texas and eastern New Mexico. From industry taxation to drilling activity to history of the oil and gas industry in the Permian Basin, this study dives into extensive detail and examines every element that goes into making the Permian Basin the leading producer of oil in the nation."
- 1323 - [September 10, 2013] - Power For USA, Donn Dears - "Basic Power Gen Cost Information"
"Periodically, it’s worth revisiting the cost of generating electricity when using different methods.
Until recently, the objective was to produce electricity at the lowest possible cost.
Now, as concern over climate change has gripped the energy industry, the resulting higher costs are having an effect.
Table I shows the cost of building various types of power plants based on their nameplate ratings. These investments need to produce a return to those who provide the funds for building the power plants."
- 1324 - [January 30, 2015] - Power For USA, Donn Dears - "The Big Untruth"
"Nothing succeeds more, or is harder to fight, than the Big Untruth.
The Big Untruth is so large that people say it must be true. The Big Untruth is so large it’s difficult to undo, piece by piece, with facts.
The Big Untruth has been used successfully throughout history, including by Fascist and Communist governments over the past 100 years....
Perhaps the biggest untruth with respect to energy is that fossil fuels receive huge subsidies, while clean energy, such as wind and solar, receive few subsidies."
- 1325 - [May 2011] - Cornell University, Susan Christopherson and Ned Rightor - "How Should We Think About the Economic Consequences of Shale Gas Drilling?"
"In New York and Pennsylvania, the public debate about the prospect or continuation of high volume hydraulic fracturing for shale gas has revolved around its environmental impacts, particularly its effects on water quality, while taking as a given that exploitation of this new natural gas asset will produce significant economic benefits for the states’ economies. If we want to understand how this new kind of natural gas drilling will affect communities in Pennsylvania and New York, the economic impact models that have been used to project potential benefits and job creation give us only a fraction of the information we need. To fully assess the economic effects, policy makers and citizens need to understand what will drive the pace and scale of drilling and the associated boom-bust cycle. This cycle will have implications for jobs, revenues, the cumulative impact of shale gas development, and the longer-term economic development prospects for drilling regions within the Marcellus Shale area."
- 1327 - [December 2011] - The Ohio State University Department of Agriculture, Mark Partridge and Amanda Weistein - "The Economic Value of Shale Natural Gas in Ohio"
"Increased production of US natural gas in recent years has helped to meet the growing demands of
American customers and has reduced natural gas imports. Natural gas is also a cleaner burning fuel when compared to its most realistic substitute, coal. This substantial increase in production has been attributed in large part due to the development of shale gas through a process called hydraulic fracturing. Hydraulic fracturing has enabled the expansion of natural gas extraction into new undeveloped areas. The Marcellus shale in Pennsylvania has experienced impressive growth in its natural gas industry and neighboring Ohio is beginning down the same path. Proponents argue that among the many purported advantages, natural gas production is associated with significant amounts of new economic activity.
Economists have 150 years of experience in examining energy booms and busts throughout the world to form their expectations of how energy development affects regional economies. Generally, economists find that energy development is associated with small or even negative long-run impacts. They refer to a "natural resources curs" phenomenon associated with the surprisingly poor performance of resource abundant economies. There appears to be more examples like Louisiana, West Virginia, Venezuela, and Nigeria of energy economies seemingly underperforming and few examples of places such as Alberta and Norway of relative over performance. This backdrop needs to be considered in forming good policy in Ohio in order to avoid being in the former group."
- 1329 - [July 24, 2009] - The Pennsylvania State University - College of Earth & Mineral Sciences - Department of Energy and Mineral Engineering, Timothy Considine, Ph.D., M.B.A., Robert Watson, Ph.D., P.E., Rebecca Entler, Jeffrey Sparks - "An Emerging Giant: Prospects and Economic Impacts of Developing the Marcellus Shale Natural Gas Play"
"Many Pennsylvanians are aware of the recent surge in natural gas leasing activity. The vast majority of citizens, however, do not fully appreciate the scale of change such development will unleash. This report educates the public on the current size, economic impacts, and future prospects of the Marcellus shale gas industry in Pennsylvania"
- 1334 - [February 12, 2015] - The Columbus Dispatch, Editorial - "Shale drillers should pay - Governor’s severance-tax plan is fair for industry and for taxpayers"
"Oil and gas drillers know a good thing when they see it, and that’s why they want Ohio’s low severance tax on drilling to remain just as it is so that they can maximize their profit for extracting Ohio’s irreplaceable natural resources.
But it’s a raw deal for Ohio’s taxpayers, so legislators should get on board with Gov. John Kasich’s proposed increase in the severance-tax rate. It’s a reasonable rate that would leave plenty of room for drillers to profit while giving Ohioans their fair share."
- 1336 - [February 12, 2015] - lehighvalleylive, Express-Times Letters to the Editor - Jeffrey Hotz - "LETTER: PennEast's economic impact study on pipeline falls short on many counts"
"PennEast LLC's report, "Economic Impact: Report and Analysis," by Econsult Solutions and Drexel University's School of Economics, is as important for what it does not show as for what it shows.
The report lacks evidence that energy prices would decrease for Pennsylvania and New Jersey residents and businesses. The executive summary mentions "a potential downward price impact" and suggests the pipeline "could lower natural gas and electric bills.""
- 1337 - [February 9, 2015] - PennEast Pipeline, PennEast Pipeline Company, LLC, Econsult Solutions, Inc. and Drexel University School of Economics - "PennEast Pipeline Project Economic Impact Analysis"
"PennEast Pipeline Company, LLC (PennEast) has proposed a 114 mile long, primarily of 36 - inch diameter, interstate natural gas pipeline project (the Project) from Pennsylvania to New Jersey. The Project will provide gas markets in eastern Pennsylvania, southeastern Pennsylvania, and New Jersey with the natural gas that is produced in the Marcellus shale play in Pennsylvania. The Project will have a substantial positive economic impact on Pennsylvania and New Jersey residents, commercial businesses, industrial production plants, and power generation. Economic benefits will generate from construction, ongoing operations, and the increased income derived from the potential downward price impact of a new, steady supply of natural gas in the region."
- 1338 - [February 10, 2015] - lehighvalleylive, Pamela Sroka-Holzmann | The Express-Times - "Feds hosting meeting on PennEast Pipeline project Tuesday in Northampton County"
"The United States regulatory agency deciding whether a controversial natural-gas pipeline cutting through Northampton County gets built is holding a public meeting Tuesday evening in the county.
The Federal Energy Regulatory Commission is hosting a series of "scoping" meetings to collect comments on the $1 billion project...."
- 1340 - [February 12, 2015] - Northcentral PA.com, By Feed: News from Marcellus Shale Coalition in Gas Industry - "New Energy Taxes Threaten Local Shale Benefits, Small Businesses & Labor Jobs"
"Yesterday, Gov. Tom Wolf formally rolled out his new energy tax proposal, which has been described as “outrageously onerous” and “a race to the bottom.”"
- 1341 - [NA] - Commonwealth Foundation for Public Policy Alternatives, Commonwealth Foundation for Public Policy Alternatives - "Dangers of a Natural Gas Severance Tax"
"Given the fiscal challenges facing the state, many advocacy groups are calling for new taxes on natural gas. However, lawmakers should be aware that a severance tax will make Pennsylvania less attractive for gas drillers. Tax increases will not solve the long-term fiscal problems facing our state, with budgetary drivers like pension costs and welfare growing faster than our economy. Finally, this tax increase will victimize Pennsylvania landowners who will see their royalty checks shrink and small business owners who provide products and services to gas drillers."
- 1373 - [February 13, 2015] - Wolf Street - Howling about Business and Finance, Wolf Richter - "The Fracking Bust Hits Home"
"Never before has drilling for oil collapsed this far this fast.
The word “boom” can never be thought of as a stand-alone concept that everyone loves, particularly governments because they get to rake in the big bucks. It’s always attached to its miserable twin that no one wants to see, the “bust.” They come invariably in cycles, one after the other. You can’t have one without the other. It’s just a question of time. And in the world of fracking, it’s no different."
- 1389 - [NA] - Marcellus-Shale.us, Jim Rickards - "REAL Marcellus Gas Production. A lot? A little? 7 years or 30 yrs?"
"Potential gas production and actual gas production from Marcellus Shale wells became a hot topic during the summer of 2011. To wit, an SEC investigation. Financial investors need to know how accurate the predictions are of Marcellus Shale gas reserves, and the true productive life of Marcellus wells."
- 1390 - [October 2014] - Forbes - Commodities & Currencies, Bill Powers - "The Popping of the Shale Gas Bubble"
"For much of the past decade we have been inundated by reports of how the wonders of technology, specifically horizontal drilling and hydraulic fracturing, have unleashed a new era for energy supplies. Industry leaders have touted that shale gas, along with burgeoning shale oil production, will lead to America’s energy independence, kindle a manufacturing renaissance, lower bills for everyday Americans and create millions of much-needed jobs. While there is little doubt that booming shale gas production, along with a very deep recession put an end to the natural gas price spike of 2008, much of the accepted conventional wisdom about the longevity of the shale gas bonanza is wrong."
- 1394 - [NA] - naked capitalism, Yves Smith - "Who Will Wind Up Holding the Bag in the Shale Gas Bubble?"
"We’ve been writing off and on about how the sudden fall in gas prices has been expected to put a lot of shale gas development on hold. In fact, quite a few analysts believe that one of the big Saudi aims in refusing to support oil prices was to dent the prospects for competitive energy sources, not just renewables like wind and hydro power, but shale gas."
- 1395 - [November 25, 2014] - naked capitalism, Yves Smith - "Low Oil Prices Hurting U.S. Shale Operations"
"Yves here. In yesterday’s Water Cooler, Lambert posted a link from Bloomberg that indicated that oil at $80 a barrel would pop the fracking bubble, an outcome we’d discussed previously. Some readers in comments expressed doubts.
In fact, it was already happening as oil prices were falling from over $100 a barrel through the nineties. Seasoned energy hands had warned that shale operations could be shut down rapidly, and that has started to take place. However, the author of this article argues that the shutdowns are likely to be delayed and that most US shale operations have low break-even costs, insulating them from the impact of the oil price drop. However, he misses that another driver of the shale boom has been access to super-cheap credit and an overly-bullish mentality that has not factored in the short production lives of shale wells. The junk bond market has been much less accommodating of late, and if that skittishness continues, the prognosis isn’t quite as sanguine for the industry as Cunningham suggests."
- 1396 - [October 22, 2014] - RT Question More., Peter Andrews | Reuters - "Shale gas: boom or bubble?"
"Countries are apparently eager to inflate the size of their shale gas reserves to attract investment, but the actual figures are spectacularly off.
Millions of dollars are being shelled out for shale exploration by countries across Europe, often to confirm what they knew all along- there is no shale gas.
Romania has been forced to face the facts when it comes to the fracking, or lack thereof. It had hoped to seal a lucrative deal to extract 1.4 trillion cubic meters of gas, which has now turned to out to be zero. "
- 1397 - [November 12, 2014] - reason.com, Ronald Bailey - "Is the Shale Revolution a 'Ponzi Scheme' or the End of Peak Oil?"
"A lot of folks are fervently forecasting that shale gas and oil production is a bubble about to pop, possibly producing an economic collapse similar to the one in 2008. Earlier this week, the left-leaning Center for Research on Globalization in Montreal dismissed the shale revolution as a "Ponzi scheme" and "this decade's version of the Dotcom bubble." "
- 1398 - [September 19, 2014] - TheLibertWeb, A Forecast for the World in 2015 (Part 4) - "In 2015, the Shale Revolution Will End Up Being a Fantasy - A Forecast for the World in 2015 (Part 4)"
"Crude oil prices have significantly declined to around 46 dollars per barrel (as of January 13th), which has been raising concerns over the profitability of investments in shale businesses.
Analysts expect the price decline in crude oil to continue into 2015, and in that case, oil shale companies, which do not have enough funds, will be at risk of going bankrupt. Worst-case scenario, with the uncertainties about profitability, the market and capitalists might stop investing in oil shale companies, resulting in a burst of the shale bubble."
- 1399 - [January 16, 2015] - RT Question More., RT Question More. - "$200 bn in debt looms over American oil and gas"
"Plummeting Brent oil prices are putting pressure on North American shale, which has sunk hundreds of billions of dollars into investment, and could soon come crashing down.
Tempted by big returns, shale companies have borrowed more than $200 billion in bonds and loans, from Wall Street and London, to cover development and projects that may not even come to fruition. Oil producers' debt since 2010 has increased more than 55 percent, and revenues have slowed, rising only 36 percent from September 2014, compared to 2010, according to the Wall Street Journal. "
- 1400 - [January 7, 2015] - ShaleBubble.org, NA - "the U.S. is counting on a long-term abundance of oil & natural gas. But what if the boom is just a bubble?"
"In recent years Americans have been hearing that the United States is poised to regain its role as the world’s premier oil and natural gas producer, thanks to the widespread use of horizontal drilling and hydraulic fracturing (“fracking”). This “shale revolution,” we’re told, will fundamentally change the U.S. energy picture for decades to come—leading to energy independence, a rebirth of U.S. manufacturing, and a surplus supply of both oil and natural gas that can be exported to allies around the world. This promise of oil and natural gas abundance is influencing climate policy, foreign policy, and investments in alternative energy sources.
The primary source for these rosy expectations of future production is the U.S. Department of Energy’s Energy Information Administration (EIA).
But what if the EIA’s forecasts are wrong?"
- 1401 - [NA] - Quartz, Steve Levine - "None of shale’s boosters told us what would happen to jobs when the energy bubble burst"
"Over the last couple of years, Wall Street analysts, energy experts, consultants, and journalists have fallen over one another creating new superlatives to describe the impact of the US shale boom. It was producing a “manufacturing renaissance” in the US, would “supercharge the US economy,” and was generating a veritable “shale gale.”
And indeed, we saw the jobs picture brighten dramatically in North Dakota, in Texas, and elsewhere. But what none of the forecasters said was that shale had created a price bubble that, when the air went out, would cost thousands of oil workers their jobs—not only in shale, and not only in the United States."
- 1403 - [NA] - Energy Policy Forum - Spotting Trends, Not Following, EPF (Energy Policy Forum) - "Bakken Shale: Too Many Wells, Too Much Expense"
"The number of Bakken shale wells needed to produce a million barrels a day is staggering when you compare it to a typical OPEC well. If you’ve ever wondered why shales are struggling to compete with OPEC, this may give you a clue.
According to the IEA, International Energy Administration, it takes approximately 2500 Bakken shale wells per year to produce 1 million barrels of crude per day whereas only 60 Iraqi wells are needed to produce an equal amount.
Bakken shale wells are land consumptive and expensive. They also decline rapidly. In short, drilling for tight oil faces a number of headwinds not least of which is low crude prices."
- 1405 - [February 18, 2015] - BTU Analytics, Andrew Bradford - "Counterpoint: The Facts on Forbes Article “The Popping of the Shale Gas Bubble”"
"A couple days ago the Forbes shale gas piece circulated around our shop. We are always interested in contrarian ideas backed by analysis, especially as it relates to energy markets, but this widely circulated piece turned a blind eye to some basic economics and producer behavior.
Are producers throwing larger and larger sums of money to drill shale wells that rapidly decline? Yes they are. Have many Super Majors written off shale assets and slowed E&P spending growth in recent years? Yes they have."
- 1407 - [NA] - Oil & Gas Journal, James Mason, Energy Consultant - "Well production profiles to assess Fayetteville gas potential revisite"
"This article builds upon the analyses presented in the 2011 OGJ article, "Well production profiles assess Fayetteville shale gas potential."
In that article, the reported average well production profile had a 1.7 bcf estimated ultimate recovery and was based on averaging aggregate well production over a multiyear period, October 2005-September 2010. The author received criticism that the multiyear averaging understated well production gains realized in recent years.
Advances in well production technology are increasing well production rates. Up-to-date average well EURs are important because E&P companies use EUR expectations to book reserves. Hence, the criticism I received is valid, and in response this article reports average well production profiles for each of the years 2008 through 2011."
- 1416 - [March 2, 2015] - The Energy Collective, Deborah Lawrence - "The Shale Revolution Did Not Pay Investors Well"
"We have all heard of the “shale revolution”. It has been touted as the energy panacea of our time. Given the extreme hype, one would expect that such enthusiasm would translate into above average share performance for shale operators. This has not been the case. Share performance has actually been quite mediocre and in some cases just downright poor.
The shale revolution started with shale gas. The Marcellus shale which spans Pennsylvania, parts of NY, West Virginia and Ohio has probably received the greatest amount of attention since the State of New York had a drilling moratorium for years which was recently replaced in favor of an outright ban on the controversial technique used to unlock shale reserves called hydrofracture stimulation or more commonly referred to as “fracking”. Looking at the top producers in the Marcellus, one would expect that these companies would have enjoyed returns on their shares which were commensurate with their expectation of future growth potential for their product. Interestingly, this has not occurred"
- 1433 - [February 16, 2015] - Environmental Science & Tecchnology, B. R. Scanlon, R. C. Reedy, and J.-P. Nicot - "Comparison of Water Use for Hydraulic Fracturing for Unconventional Oil and Gas versus Conventional Oil"
"We compared water use for hydraulic fracturing (HF) for oil versus gas production within the Eagle Ford shale. We then compared HF water use for Eagle Ford oil with Bakken oil, both plays accounting for two-thirds of U.S. unconventional oil production in 2013. In the Eagle Ford, we found similar average water use in oil and gas zones per well (4.7−4.9 × 106 gallons [gal]/well). However, about twice as much water is used per unit of energy (water-to-oil ratio, WOR, vol water/vol oil) in the oil zone (WOR: 1.4) as in the gas zone (water-to-oil-equivalent-ratio, WOER: 0.6). We also found large differences in water use for oil between the two plays, with mean Bakken water use/well (2.0 × 106 gal/well) about half that in the Eagle Ford, and a third per energy unit."
- 1455 - [March 10, 2015] - Wharton - University of Pennsylvania - Knowledge@Wharton, NA - "Fracking: Do the Economics Justify the Risk?"
"Hydraulic fracturing, a process to release natural gas and oil from the ground, is the focal point of several controversies involving environmental law and policy, economic growth, and public health. Advocates see the process, known popularly as fracking, as a vast source of natural gas that can provide energy independence for the United States while potentially offsetting some of the many environmental downsides of coal, most notably high carbon dioxide emissions that contribute to climate change. Advocates also argue that fracking has the potential to spark a renaissance in U.S. manufacturing by boosting jobs based on lower-cost industrial inputs.
But those concerned with fracking’s environmental impact on air and water quality, along with its potential to delay adoption of more expensive sustainable energy sources, cite numerous reasons for limiting fracking’s development."
- 1456 - [January 23, 2014] - Harvard Magazine, Michael B. McElroy - "Fracking's Future"
"Supplies of natural gas now economically recoverable from shale in the United States could accommodate the country’s domestic demand for natural gas at current levels of consumption for more than a hundred years: an economic and strategic boon, and, at least in the near term, an important stepping-stone toward lower-carbon, greener energy.
But even though natural gas is relatively “clean”—particularly relative to coal burned to generate electricity—the “fracking” process used to produce the new supplies poses significant environmental risks. We must ensure that procedures and policies are in place to minimize potential damage to local and regional air quality and to protect essential water resources. We need to make sure that extraction of the gas (consisting mainly of methane, with small amounts of other gases) from shale and its transport to market does not result in a significant increase in “fugitive” (inadvertent) emissions of methane (CH4)—which is 10 times more powerful as a climate-altering agent, molecule per molecule, than carbon dioxide (CO2, the most abundant greenhouse gas). Further, we will need to recognize from the outset that cheap natural gas may delay the transition to truly carbon-free, sustainable solar- and wind-energy supplies that remain crucial in light of our worsening climate-change crisis."
- 1457 - [February 2013] - American Enterprise Institute, Kevin A. Hassett and Aparna Mathur - "Benefits of hydraulic fracking - Economics"
"If an average American heard the word ‘fracking’ ten years ago, chances are he or she would have worried about the manners of the speaker. Today, however, opinions about fracking are solidifying, and battle lines are being drawn, even if understanding remains sketchy. For many on the American left, fracking connotes something dangerous, unhealthy – even, as in a recent Hollywood production, potentially nefarious. For those on the right, fracking is often regarded as the best hope for a struggling economy.
While the outcome of the policy struggle is impossible to predict, the economic stakes could hardly be higher."
- 1467 - [September 10, 2014] - U.S.News & World Report, Alan Neuhauser - "Study: As Oil and Gas Boom, Energy Taxes Fall"
"States are charging less and less to allow oil and gas companies to drill more and more.
A new report finds that state taxes on thousands of new oil and gas wells have remained the same or even fallen during the past decade, even as the country’s domestic energy boom has pushed energy sector profits ever higher."
- 1469 - [February 24, 2015] - The Willis Law Group, Kirk D. Willis - "FRACK YOU: A COST-BENEFIT ANALYSIS OF THE FRACKING CONTROVERSY IN TEXAS"
"Hydraulic fracturing, or “fracking,” is a relatively new process for extracting natural gas or oil that is tightly bound in deep geological formations. The process involves injecting water, chemicals, and sand, called fracking fluid, into a formation at high pressure. The resulting fissures in the formation allow gas or oil to flow into the well. It is claimed that it creates a slew of environmental hazards including surface water contamination and even earthquakes. Fracking, however, is a tremendous economic boom to once economically-depressed areas of Texas and Oklahoma.
Is this economic renewal sufficient to outweigh the alleged environmental concern"
- 1470 - [NA] - OilPrice.com, Ed Dolan - "An Economic Analysis of Fracking"
"When people look at “fracking”—the production of natural gas through hydraulic fracturing techniques–they see different things. Critics see polluted wells, exploding houses, and earthquakes—an environmental disaster in the making. These anti-frackers have a simple solution: ban it. In contrast, industry supporters see hydraulic fracturing as a safe technology that drillers have been using for decades without controversy and that now promises a new era of energy abundance. The pro-frackers, too, have a simple solution: get the government out of the way and drill baby, drill.
As an economist, I see something still different: a familiar pattern of negative externalities and missing market signals, to which the appropriate response is unlikely to be either prohibition or laissez-faire."
- 1476 - [February 2014] - New Solutions, Vol 23(1) 85-101, 2013 - 2013, Baywood Publishing Co., Inc., Jannette M. Barth - "The Economic Impact of Shalegas Development on State and Local Economies: Benefits,Costs, and Uncertainty."
"It is often assumed that natural gas exploration and development in the Marcellus Shale will bring great economic prosperity to state and local economies. Policymakers need accurate economic information on which to base decisions regarding permitting and regulation of shale gas extraction. This paper provides a summary review of research findings on the economic impacts of extractive industries, with an emphasis on peer-reviewed studies. The conclusions from the studies are varied and imply that further research, on a case-by-case basis, is necessary before definitive conclusions can be made regarding both short- and long-term implications for state and local economies."
- 1552 - [NA] - Bakken.com, Maureen McMullen | Shale Plays Media - "Wait— How many jobs cut?"
"At this point in the oil slump, dreaded jobs cuts hardly come as a surprise anymore; this week, Talisman Energy let go of 200 employees while Neven energy cut 400. But how many total American jobs have low oil prices cost? A recent Forbes article estimates at least 75,000—about 12 percent of the nation’s oil and gas workforce—so far.
According to the article, America’s shrinking rig count dwindled by more than 700 rigs in just one year, with an estimated 40 jobs lost per rig closure. The greatest losses, however, have been suffered by oilfield services companies, whose job cuts totaled 59,000; Halliburton cut 6,600, Baker Hughes cut 7,000, Weatherford cut 8,000, and Schlumberger topped the list with 9,000 job cuts."
- 1632 - [Sesrch done on 4/1/2015] - Cornell University Cooperative Extension, Multiple - "Economics"
"All kinds of papers dealing with economic issue pertaining to gas development"
- 1636 - [NA] - Federal Reserve Bank of Philadelphia, Timothy W. Kelsey and Thomas B. Murphy - "Economic Implications of Natural Gas Drilling in the Marcellus Shale Region"
"The recent onset of drilling for natural gas in the Marcellus shale region is having a major impact on businesses, residents, and communities in Pennsylvania. According to Pennsylvania’s Department of Environmental Protection, since 2007 approximately 2,400 wells have been drilled in Pennsylvania to extract natural gas from the Marcellus shale formation, with the number expanding exponentially every year. More than 100 energy companies and related subcontracting firms have moved to Pennsylvania and are now active within the Marcellus shale region, bringing significant employment and business opportunities for the foreseeable future. However, along with these opportunities, development of Marcellus shale is also bringing some significant challenges, including environmental and social impacts. Most of the development is occurring in relatively small communities that lack the infrastructure and support necessary to accommodate rapid, intense population growth and economic and workforce expansion."
- 1637 - [Summer 2011] - EnergyInDepth, Katie Brown - "The Local Community Benefits of Shale Development are Real"
"There’s no question that shale development has brought clear benefits to local communities, including jobs, economic growth, and increased tax revenues.
That’s why an article in this month’s issue of Governing Magazine, which claimed that local communities are “fracking’s financial losers,” particularly stood out for being so misguided and devoid of the facts. "
- 1662 - [March 28, 2014] - ENR NewYork, Jannette M. Barth - "Hydrofracking Offers Short-Term Boom, Long-Term Bust"
"In February, Buffalo became the second city in the nation to ban hydrofracking, as a response to concerns over possible negative impacts of the technique used for extracting natural gas. In November, the New York state Assembly passed a temporary moratorium on hydrofracking to allow for studies to be conducted. With the moratorium ending May 15, some communities are considering if they should follow Buffalo’s lead."
- 1683 - [October 2, 2014] - Slideshare.net, Garrett County Dept. of Economic Development - "The Economic Importance of Deep Creek Lake"
"Presentation of the revenue streams from Deep Creek Lake and related activities. See also: http://www.slideshare.net/kdurst47/economic-development-update-garrett-county-md-09242013"
- 1690 - [April 15, 2015] - TRNN - The Real News.com, Jaisal Noor - "Will Fracking in Maryland Bring Harm or Prosperity?"
"You've probably heard of fracking. It's a controversial natural gas drilling technique that pumps millions of gallons of water and toxic chemicals deep underground to release oil and gas trapped in shale formations. Advocates say it's a safe way to harness a bridge fuel that causes fewer CO2 emissions than coal. But critics warn it's dangerous to the environment and public health. More than 30 states allow fracking, and Maryland recently approved the practice.
Well, now joining to debate whether the benefits of fracking outweigh the risks in Maryland are two guests.
We joined by Katie Brown. She is a spokesperson for Energy In Depth, a research education program of the Independent Petroleum Association of America.
We're also joined by Emily Wurth. She's the water program director for Food & Water Watch.
Thank you both for joining us."
- 1741 - [April 23, 2015] - Dakota Resource Council, DRC - "Drilling booms, long-term prosperity don’t necessarily go hand in hand — study"
"A new study challenges the long-held assumption that oil and gas drilling booms bring long-term economic prosperity to host communities, instead finding that the longer energy extraction activity is a major component of a local economy, the bigger the negative impacts."
- 1744 - [April 25, 2015] - Investor Environmental health Network, Richard Liroff - "Extracting the Facts: An Investor Guide to Disclosing Risks from Hydraulic Fracturing Operations"
"This document was inspired by energy companies’ requests, in dialogues with investors, for enhanced guidance on disclosure of risk management practices. Investor dialogues were coordinated by members of the Investor Environmental Health Network (IEHN) and the Interfaith Center on Corporate Responsibility (ICCR) including Green Century Capital Management and Boston Common Asset Management"
- 1790 - [April 30, 2015] - NA, Susan M. Christopherson, - "Sources of Economic Development in the Finger Lakes Region: The Critical Importance of Tourism and Perceptions of Place"
"The proposal of Finger Lakes LPG Storage, LLC to build a new liquid petroleum gas (LPG) storage and transportation facility (Project) in the Town of Reading, New York, raises concerns about how increased industrialization of the western shore of Seneca Lake will affect economic development around the lake and in the wider Finger Lakes region. 1 In this report, I address that question by exploring the socio-economic context of the Project, with special attention to the branding of the region as a destination for tourism."
- 1791 - [January 14, 2015] - Cornell University, City and Regional Planning, Susan Christopherson and Ned Rightor - "How Should We Think About the Economic Consequences of Shale Gas Drilling?"
"In New York and Pennsylvania, the public debate about the prospect or continuation of high volume hydraulic fracturing for shale gas has revolved around its environmental impact s , particularly its effects on water quality, while taking as a given that exploitation of this new natural gas asset will produce significant economic benefits for the states’ economies. If we want to understand how this new kind of natural gas drilling will affect communities in Pennsylvania and New York, the economic impact models that have been used to project potential benefits and job creation give us only a fraction of the information we need. To fully assess the economic effects, policy makers and citizens need to understand what will drive the pace and scale of drilling and the associated boom - bust cycle. This cycle will have implications for jobs, revenues, the cumulative impact of shale gas development, and the longer - term economic development prospects for drilling regions within the Marcellus Shale area."
- 1792 - [May 2011] - Green Choices, Susan Christopherson and Ned Rightor - "NIMBYs or Concerned Citizens? How Communities Evaluate the Costs and Benefits of Shale Oil and Gas Development"
"Planners, policy makers and citizens in US states where “fracking” for natural gas and oil is occurring have to sort out conflicting narratives about the development of these fossil fuel resources. In one narrative , people who raise questions about shale development are frequently described as NIMBYs: people who want the resource to be developed and will use it, but don’t want it developed near them, i.e. “Not In My Back Yard.” The NIMBY label is pejorative, intended to depict people who raise questions about shale development as selfish and uninformed"
- 1793 - [December 2013] - Green Choices, NA - "Articles and Policy Briefs"
"With support from the Park Foundation, the Heinz Endowments, and Cornell's Center for a Sustainable Future, a group of researchers centered at Cornell University has undertaken research to examine both the short-term (economic impact) and long-term (economic development) consequences of horizontal shale gas drilling. We also examined policies for monitoring the environmental impacts of shale gas drilling. "
- 1799 - [April 6, 2012] - Frack Off, radix - "The Shale Revolution: A Peek Behind The Curtain"
"Both the promoters and detractors of shale gas (and oil) hold out the example of the United States, where it has seen its only widespread exploitation, as evidence of their positions. The negative consequences of shale gas extraction have been widely documented but here we shall turn our attention to the arguments used by those pushing the promise of ‘a shale-fueled economic miracle’. The people making these claims are far from restrained and are selling the hope that shale gas can solve all of the worlds economic problems. This attitude is extremely interesting in itself. No one in a position of power will admit that the economic crisis was triggered by the $140 per barrel plus spike in oil prices that preceded it, or that the stubborn failure of any real recovery to take hold has anything to do with the rise in oil prices over $100 per barrel, any time there is any hint of an increase in economic activity. "
- 1836 - [September 2, 2013] - Forbes, Nathan Vardi - "What Saudi Arabia Has Bought For $50 Billion In Its Oil War"
"In October of 2014, Saudi Arabia signaled that it was willing to let oil prices fall and no longer cut production to support higher prices. Since that time Saudi Arabia has spent nearly $50 billion of its foreign reserves to keep its domestic social contract going in the face of diminishing oil revenues.
The oil kingdom has put its money where its mouth is in an effort to protect market share and get both OPEC and non-OPEC members to limit oil production."
- 1869 - [May 2015] - Michigan Technology University, Ryan J. Duman - "Economic viability of shale gas production in the Marcellus Shale; indicated by production rates,costs and current natural gas prices"
"Master's Thesis - Abstract: The U.S. natural gas industry has changed be cause of the recent ability to produce natural gas from unconventional shale deposits. One of the largest and most important deposits is the Marcellus Shale. Hydraulic fracturing and horizontal drilling have allowed for the technical feasibility of production, but concerns exist regarding the economics of shale gas production. These concerns are related to limited production and economic data for shale gas wells, declines in the rates of production, falling natural gas prices, oversupply issues coupled with slow growth in U.S. natural gas demand, and rising production costs. An attempt to determine profitability was done through the economic analysis of an average shale gas well using data that is representative of natural gas production from 2009 to 2011 in the Marcellus Shale. Despite the adverse conditions facing the shale gas industry it is concluded from the results of this analysis that a shale gas well in the Marcellus Shale is profitable based on NPV, IRR and breakeven price calculations."
- 1893 - [2014] - The Center for Rural Pennsylvania, Kathryn Brasier, Lisa Davis, Leland Glenna, Tim Kelsey, Diane McLaughlin, Kai Schafft, Kristin Babbie, Catherine Biddle, Anne Delessio - Parson, and Danielle Rhubar - "The Marcellus Shale Impacts Study: Chronicling Social and Economic Change in North Central and Southwest Pennsylvania"
"This research is the first wave of a longitudinal project examining the impacts of Marcellus Shale development in Pennsylvania. Overall , the research is exploring the social and economic impacts of Marcellus Shale development in Pennsylvania, focusing on the experiences of four study counties - Bradford, Greene, Lycoming, and Washington - with very high levels of natural gas extraction and related activities."
- 1899 - [May 20, 2015] - Bakken.com, Zach Koppang | Shale Plays Media - "Discussing small business and economics in the Bakken"
"This week academics converged on Dickinson State University’s Strom Center to discuss the local perceptions of the energy boom and the economic impact it’s had on the region in recent years.
The Bakken Researchers Convening illustrated some of the most prominent economic issues the shale revolution has brought to the region, including the stress placed on existing infrastructure, government and social services as well as local income and wealth. As reported by The Dickinson Press, Rob Grunewald, event host and economist for the Federal Reserve Bank of Minneapolis, said, “Part of this is because this is a unique economic phenomenon to have so much growth so quickly.”"
- 1900 - [May 21, 2015] - Dickenson Press, Andrew Wernette - "Researching the Bakken: Academic gathering highlights Bakken's social, economic trends"
"Subjects such as resident attitudes toward hydraulic fracking and the labor market impacts of energy boom-and-bust cycles were the focus of Dickinson State University’s Bakken Researchers Convening, which began Monday at the Strom Center.
Rob Grunewald, an economist for the Federal Reserve Bank of Minneapolis, is hosting the event and said he hoped the convention will elaborate on some pertinent issues the Bakken energy industry produced, such as the impact on public infrastructure, demand for government and social services, and local income and wealth"