Report: Cumulative oil and gas investment totals $86.4B in Ohio
Tuesday, January 12, 2021
Cleveland State University researchers recently released a report on shale-related investment in Ohio that found cumulative oil and gas investment through December of 2019 is around $86.4 billion, according to The Heartland Institute.
The researchers also found a $9 billion increase in investment in Ohio’s shale sector from 2018 to the fourth quarter of 2019. From July through December 2019, total investment was approximately $3.06 billion.
Of the total $86.4 billion invested, $60.0 billion was in upstream, $20.2 billion in midstream and $6.2 billion in downstream industries.
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Shale FAQ
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.