Marcellus Shale: Priming the Economic Growth Engine in Pennsylvania
It is hard to believe that so much energy as a raw resource existed under the ground in northeastern PA. Harvesting this resource would cause significant growth in the US economy, inventing industries that previously had not existed. But economically removing it was the big problem. The invention of the bore pipe, credited to Colonel Edwin L. Drake in 1859, allowed drilling to bedrock and beyond without the well caving in, allowing the harvesting of petroleum in commercial quantities. This invention encouraged population and job growth in many industries such as iron works and refineries and sparked economic growth across the US.
In a case of history repeating itself, a recent study by PWC, available at http://pwc.to/ssHJwO (formerly PriceWaterhouseCoopers, L.L.P,) the incredible resource that is the Marcellus Shale may create over a million new jobs by 2025. Many public companies have identified the cost of energy as a large future challenge and the report says that manufacturers could save as much as $11.6 billion a year from lower energy prices, increasing the competitiveness of industries such as chemicals, plastics, fertilizers, building products and many more.
Marcellus exploration has already resulted in the investment of more than $4 billion by producers in lease and land acquisition, new well drilling, infrastructure development and community partnerships, with an even greater investment expected in the future. This development benefits thousands of individuals, families and small, locally-owned businesses involved in extracting this energy source from the ground.
The US economy exploded with the broad commercialization of petroleum in 1859. Let’s realize the benefits of Marcellus Shale as an incredible energy source and economic growth engine in 2012 while making sure that the environment is protected.