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Tuesday, January 5, 2016

Oil and Gas Activity Continues to Slow in Eastern Ohio

From the Akron Beacon Journal:
Drilling is slowing down in Ohio’s Utica Shale because of low commodity prices and growing energy supplies. 
Continued low prices tied to the Organization of Petroleum Exporting Countries’ efforts to derail shale drilling in the United States have put a major crimp into drilling for natural gas and liquids in Ohio and other shale-drilling states. 
OPEC has continued production, despite an oil glut that has reduced prices to $36 a barrel, in order to maintain its market share. 
That natural gas-oil glut and low prices are good news for consumers who have cheap natural gas for heating their houses and petroleum for fueling their vehicles, but it has created serious problems for struggling energy companies. 
And those impacts are also being felt across much of eastern Ohio in hotels, restaurants, gas stations and industries that supply drillers. 
Warm winter temperatures are also hurting energy producers because there is less demand for Utica natural gas.
Read the rest of the article by clicking here.

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