Utica and Marcellus shale could bring more than $10 trillion
Monday, January 21, 2013
Business First recently reported that, according to the bond-rating firm Kroll Bond Ratings, once the Marcellus and Utica shales are completely developed, it could mean more than $10 trillion in new economic activity.
That’s a lot of money.
The analysis isn’t completely positive, though. The Bond Rating Agency has concerns about environmental and health issues:
“It said concerns over methane escaping during drilling, water use in fracking operations and potential contamination issues all need to be adequately addressed.”
Despite the worries, benefits can come from more than just payments to landowners. Indirect benefits include higher employment, improved infrastructure and increased tax revenues.
Other industry studies have concluded that the industry could provide Ohio with 276,000 new jobs by 2035.
» Via: Business First› Utica, Marcellus shale plays could represent more than $10 trillion in new economic activity
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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.