Ohio shale counties collect nearly $350 million in property taxes from oil and gas production
Monday, May 8, 2023
Ohio’s Utica Shale counties have collected more than $349 million in real estate property taxes on oil and natural gas activity from 2010 to 2021, according to county auditor’s data compiled by the Ohio Oil and Gas Association.
The oil and gas industry paid $57.6 million to county governments in 2021, recording the second-highest annual payment in the last 12 years. The sector paid the most it ever has in tax revenue in 2020, as county governments received $62.2 million.
The state’s oil and natural gas industry also paid a combined $755 million in severance and Ad Valorem tax revenues during the same time period, according to a recent report from the Ohio Natural Energy Institute.
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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.