NEXUS pipeline expected to generate millions in tax revenue
Thursday, February 22, 2018
In its first year of operation, the NEXUS Gas Transmission Pipeline is expected to generate an estimated property tax revenue of $11,676,093, according to The Gazette.
In Ohio, the NEXUS is expected to generate around $83.7 million in tax revenue for its counties, school districts, municipalities and townships in its first year. The estimations come from a report by Public Finance Resources Inc., a firm that provides financial forecasting for government entities.
If the pipeline were to be completed and operational sometime this year, the property would go onto the tax duplicate for taxable year 2019, with the first actual tax revenue being paid by Spectra Energy early in 2020.
Learn more: The Gazette > NEXUS pipeline to generate millions in tax revenue
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.