Ohio Poised to Become an Energy Powerhouse?

A letter to the editor recently published in the Columbus Dispatch from Marty Shumway, an engineer and geologist with MacKenzie Land & Exploration Ltd, mentions that Continental Economics has released the results of a new study which highlights the drastic potential effect of the shale-production boom on the state of Ohio.

A large increase in domestic gas supply has already resulted in huge savings for consumers.  According to the study, the average residential gas customer saved $214 in 2010, while average commercial and industrial customers saved $1,366 and $87,000 respectively.

The average Ohioan can also see the clear impact on the economy.  Not only are new jobs being created, but they are mostly steady, high-paying jobs - something that has been sorely needed.  More after the jump...

Meanwhile, the great resources potentially lying under Ohio ground aren't being fully utilized yet.  The Ohio Department of Natural Resources estimates a reserve potential of 1.3 to 5.5 billion barrels of oil and 3.8 trillion to 15.7 trillion cubic feet of natural gas.  Utilizing these "could potentially make the state an energy powerhouse," Shumway states.

He concludes his letter by saying:

Ohio has an opportunity to enhance its security and boost its economy while simultaneously putting money back in the pockets of the average consumer.  All it has to do is push for the utilization of its own resources.

Do you agree?  How great do you believe the potential effects of the shale-production boom can be on Ohio residents?  Sound off here or at the forum!

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