The U.S. oil and natural gas boom is rippling through Ohio’s economy, supporting business activity across the state, according to new data released by the American Petroleum Institute.
A PriceWaterhouseCoopers study conducted for the API found that the oil and natural gas industry in Ohio supports some 255,100 jobs, which is 3.9 percent of the state’s total employment.
The amount of Ohio labor income supported by the oil and natural gas industry totals $12.7 billion annually, representing 4.1 percent of the state’s total labor income, the report said.Being that these numbers are from a study conducted for the oil and gas industry, I would imagine there will be another report coming down the line at some point that concludes the number of oil and gas-related jobs in Ohio is actually lower. No one can legitimately argue that the shale development going on in the state has not helped provide jobs that were badly needed.
In related news, industry PR arm Energy in Depth had a recent article about how the Utica shale is driving Ohio growth:
Just last week, IGS Energy announced it will build its ninth compressed natural gas (CNG) fueling station in Obetz, Ohio, as many companies are increasingly converting to CNG vehicles, thanks to the availability of affordable natural gas in the region.
That wasn’t the only good news last week. Columbus Business First also reported that plastics will “benefit significantly” from development in the Utica Shale. As Advanced Drainage Systems CEO Joe Chlapaty said, “(There’s) more gas right now than they can process, and so several of the major petrochemical companies have announced very significant plant increases.” Chalapty also said he expects a 30 percent increase in ethylene and polyethylene capacity.
This August also marked the groundbreaking of MarkWest’s administration building in Cadiz, which is expected to house between 100-120 employees. The good news continues for the local economy as shale development has spurred a wave of large-scale investments in the region, totaling in the billions. According to a Bricker and Eckler report, over $18 billion has been invested over the past several years in eastern Ohio, thanks to oil and gas development.You can read the rest of that article by clicking here.
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