Shale industry saves Ohio energy users $40.2B
Thursday, August 23, 2018
Ohio energy consumers saved more than $40.2 billion from 2006 to 2016, as a result of lower natural gas prices, according to a report from the Consumer Energy Alliance.
Residential customers saved nearly $15 billion and commercial and industrial consumers saved $25.3 billion, according to Kallanish Energy. Those savings are linked to increased shale production, lower oil and gas prices and new technologies.
Prior to the shale boom, prices for natural gas in Ohio peaked at $10.66 per thousand cubic feet (Mcf), but have steadily dropped to just under $4/Mcf, according to the report.
Learn more: Kallanish Energy > Ohio energy users saved $40.2B due to shale
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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.