Article Looks at Utica Shale's Economic Impact on Carroll County

By -
From Mineral Rights Forum:
However, big changes are in the air. Carroll County’s unemployment rate is moving quickly in the right direction. After reaching a record high of about 16% in 2010, unemployment now stands at about 7.1 %. “This is just in its infancy,” says Glenn Enslen, Director of Economic Development. “I’m visited weekly by folks who talk about results similar to the boom in North Dakota. They have a ½% unemployment rate and the population of several counties has doubled in 3 short years. It’s an exciting time in Carroll County.”
My friend Tom Mitchell is sharing in the excitement. Tom recently purchased a truck that does everything but make you coffee and tuck you in at night. He is one of the many residents enjoying a better standard of living due to oil money. Mike Guess, GM of Guess Motors, says he has never seen such a jump in business during his 30 year career. He typically sells about 70 vehicles a month but has seen his business spike upwards in excess of 28%. “Our service has increased a lot basically from all these companies that are here with trucks and they need repairs, so we’ve done a lot more service than we have in past years.” The surge in business has enabled him to add 8 new members to his staff, purchase and upgrade office equipment, and beef up the company’s online presence. For the first time in a long time, it’s good to be in business in Carrollton.
Read the whole post here. 

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be a whole lot of film editing going on there to fi
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividend on closing the deal while offering a quarterly variable div
Read more

Is a Strong Oil Demand Expected This Year?

By -
Image
  According to the world's largest oil traders, global oil demand is set for a rebound. Between now and the end of 2022, global consumption is expected to increase by up to 8 million barrels each day. Vitol Group, the world's largest oil trader, supports this statement.  In an interview with Bloomberg, Vitol's chief executive Russell Hardy said, "We'll need all eight cylinders to get through 2022". This, of course, is due to the lower than average demand for oil at the moment. Reopening economies and Asian markets will create a strong demand rebound by the end of this year and in 2022.  Although the demand for jet fuel will slowly increase, it will still be below average at the end of the year. Nevertheless, a surge in petrochemicals will offset the expected delay in jet fuel demand. Last year, the oil surplus reached a record of 1 billion barrels. This excess is already more than halfway drained, and experts believe it will be depleted by the third quarter th
Read more