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Monday, January 5, 2015

EID: Ohio Seeing Gas Prices Below $2.00 Thanks to Shale Development

From Energy in Depth:
You don’t hear too much about Toledo, Ohio, when you read stories about the Utica Shale boom, but when you take a look at where to find the cheapest gasoline in Ohio, Toledo emerges as the winner with prices under $1.90 per gallon. As the Toledo Blade recently reported, “A significant drop in oil prices since summer was one factor expected to boost holiday road travel last week and this week.” Holiday travel in turn spurs retail, restaurant, hotel, and grocery store traffic, which stimulates the economy throughout Ohio, and indeed all across the country. 
Utica Shale permits are being issued for work many miles away from Toledo and Lima, but motorists all over the state can thank shale development and fracking for a decrease in prices at the pump. Over the past week alone, gasoline prices in Ohio have fallen 14.4 cents per gallon, while prices nationwide fell at an average of 9.6 cents per gallon. Some say that this drop in gas prices “is set to provide the United States economy with a multibillion-dollar boost through the holiday season and beyond.”
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