Wheeling, West Virginia, named one of top fastest-growing economies in US
Saturday, October 10, 2015
According to Akron Beacon Journal, Wheeling, West Virginia, is the fifth fastest-growing economies in the country, thanks to the shale industry. The Wheeling area includes Belmont County, Ohio, and Marshall and Ohio counties, West Virginia.
Wheeling’s gross domestic product (GDP), the monetary value of goods and services produced in a region over a set period of time, grew 17.3 percent from 2009 to 2014. Much of that growth can be attributed to oil and gas activity in the region.
The economic activity that contributed to Wheeling’s growth includes leasing, royalty payments, well drilling, pipelines and the creation and growth of companies related to drilling and pipeline services, as well as other industries serving oil and gas workers, like hotels, restaurants and retail stores.
Via: Akron Beacon Journal > Fracking’s fortunes: Wheeling area boasts nation’s fifth fastest-growing economy
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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.