Motorists continue loving low prices at the pump, but shale plays are suffering for it.
Oil-and-gas activity in eastern Ohio, Pennsylvania and West Virginia contracted over the past six weeks because of low prices for the commodities, the Federal Reserve Bank of Cleveland found in its latest Beige Book report of economic conditions.
The central bank's second report for the year indicates prices are starting to agitate development, as Business First has reported, just six weeks after a previous Beige Book report warned of the effects.
Overall, economic activity in the Cleveland Fed's district, covering Ohio and portions of Kentucky, Pennsylvania and West Virginia,expanded at a modest pace during the six weeks that ended Feb. 23.Read more by clicking here.
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