Report: Shale industry has invested over $100B into Ohio’s economy since 2011
Friday, May 19, 2023
A report released earlier this week by Cleveland State University researchers and JobsOhio put the total investment of the oil and natural gas industry into Ohio’s economy at more than $100 billion since the shale revolution began in 2011, according to Energy InDepth.
During the first half of 2022, the total investment in Ohio’s energy sector was approximately $2.8 billion, according to the report. It also showed steady investment growth between 2016 and 2022.
The continued investment in Ohio’s shale industry has helped create jobs and tax revenue within the state.
Learn more: Energy InDepth > New Report: Ohio Shale Industry Cumulative Investment Surpasses $100 Billion
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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.