Investment in the energy-rich shale sector in eastern Ohio continues to grow, reaching $74 billion since 2011, according to a report commissioned by JobsOhio.
The quarterly report, done by Cleveland State University’s Energy Policy Center at the Maxine Goodman Levin College of Urban Affairs, shows that about two-thirds of that investment has been in drilling, land acquisition, building roads and other expenses tied to the “upstream” portion of oil and gas production.
The rest has been spent on activities such as collecting and gathering the oil and gas along with transmission lines and investments in natural-gas power plants and other uses.
“The landscape for American energy looks vastly different now than it did just five or 10 years ago, and that is largely due to the resources being unlocked in the Ohio Valley,” said Matt Cybulski, director of energy and chemicals at JobsOhio, in a statement.
The study represents investment through the first half of 2018. It comes just weeks after researchers at IHS Markit released estimates that show by 2040, the Utica and Marcellus shale regions in Ohio, West Virginia and Pennsylvania will supply 45% of U.S. natural gas production. That’s up from 31% this year.Click here to read more.