Impact of Shale Development Already Felt in Youngstown
From Columbus Business First:
State Rep. Sean O’Brien had some numbers to share Wednesday with his fellow legislators about what the Utica shale play has meant for his district in the Youngstown area.
Speaking at a Statehouse luncheon sponsored by oil and natural gas lobbying groups, the Democrat from Hubbard said shale development is helping turn around the economy in that long-depressed part of northeast Ohio. O’Brien mentioned how BP Plc (NYSE:BP) has spent $330 million in his district since March. That includes bonuses paid to property owners who are leasing their land and mineral rights to the company, and spending on initial test wells that BP is drilling on its 84,000 leasehold acres in Trumbull County.
“Farmers facing foreclosure several months ago are now millionaires,” O’Brien said.