As we look for safe, reliable, domestic sources of energy -- we need look no further than the Buckeye State. That's right -- Ohio is sitting on top of a veritable "gold mine" known as the Marcellus and Utica Shale formations.
In fact, there are already more than 64,000 wells in operation in Ohio that have produced more than 5 million barrels of crude oil and 88 billion cubic feet of natural gas. This industry had a combined market value of crude oil and natural gas production of more than $665 million during 2009.
The graphic depicts potential areas for development in the Marcellus and Utica Shale formations. The areas in brown depict potential Utica Shale development; and the tan areas Marcellus Shal e development (Source: Ohio Department of Natural Resources).
These shale formations hold vast amounts of oil and natural gas reserves — this means more Ohio jobs, and safe and reliable energy for America.
Benefits of Ohio Shale
Access to the oil and natural gas in the Marcellus and Utica shale formations would boost Ohio’s economy and improve America’s energy security by providing access to a critical domestic energy source.
The Marcellus Shale formation — which is being developed in neighboring Pennsylvania and West Virginia — is already producing results in those states.
In fact, two studies on the Marcellus Shale Formation, show the jobs it already has created in those states, and the promise it holds for the future:
- Marcellus Shale production has already grown considerably, adding 57,000 new jobs in 2009 in Pennsylvania and West Virginia.
- Development could mean $24 billion in total economic value to the region, which would positively affect all sectors of the economy including the service, construction, manufacturing, health care and education industries.
- Development could create more than 200,000 new Pennsylvania jobs during the next 10 years.
- More than $1.8 billion in state and local tax revenues could be generated during the next 18 months.
- Increased energy security for America by development of domestic energy resources to meet America’s growing energy demand.
There is no reason Ohio can’t achieve these same positive results from developing the Marcellus and Utica shale formations. These vital resources hold new jobs, new tax revenue, and new energy potential for Buckeye citizens.