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Monday, July 28, 2014

Shale Boom Has Wide-Ranging Benefits in Ohio

From Columbus CEO:
It may seem like a stretch to say Honda is part of Ohio’s shale-gas boom. 
But a close look shows that the automaker is using the steady supply and low price of natural gas to improve its bottom line at plants in Marysville and East Liberty. 
Similar stories are taking place across the state, in places and at companies that may seem far removed from the drilling, refining and delivery of oil and gas. 
“There is no question that the benefits of shale go far beyond the energy industry,” says Jack Partridge, president of Columbia Gas of Ohio. 
The state average gas price has fallen for five years in a row, dropping last year to 45 percent less than it was in 2008, according to the Energy Information Administration. 
The price cut is a simple matter of supply and demand. Supply is way up, thanks to a flood of gas from domestic shale formations, and demand has been slow to recover from the economic downturn. 
In addition, the price of natural gas is a key variable in the wholesale price of electricity. Electricity prices have fallen in recent years across most of Ohio, although not nearly as much as gas prices.
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