West Virginia’s economic growth attributed to shale industry
Thursday, June 18, 2015
According to The Intelligencer / Wheeling News-Register, West Virginia was one of the top states to quickly grow its economy from 2013 to 2014.
A report by the U.S. Department of Commerce ranking states in terms of gross domestic product (GDP) from 2013 to 2014 shows that Texas and North Dakota ranked at the top of the states. Wyoming tied with West Virginia. GDP is the total value of goods and services produced in a specific region. R. Dennis Xander, Former President of the Independent Oil and Gas Association of West Virginia, says that the shale industry has pushed West Virginia to the top, based on increased natural gas production.
According to the newspaper, Ohio ranked 18th in the report, with $11 billion increase in GDP from 2013 to 2014. This jump was mostly due to Utica and Marcellus Shale production.
Via: The Intelligencer / Wheeling News-Register > W.Va. Outpacing Most of the U.S.
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Depending on the company, royalty payments can arrive monthly or quarterly.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.