CNBC Reports on Utica Shale

From CNBC:
Chesapeake CEO Aubrey McClendon is no stranger to controversy.

And his next big bet is largely controversial - he's convinced the future of his company as well as the nation lies with the nat gas in the Utica Shale.

If he’s right, it could change – well, everything.

The Utica shale is a rock formation which stretches deep underground, across parts of New York, Pennsylvania, Ohio, and West Virginia. According to some estimates the Utica Shale may contain 38 trillion cubic feet of undiscovered gas.

Chesapeake Energy [CHK  21.05    -0.53  (-2.46%)   ] is the largest stakeholder in the Utica shale, with the company and its CEO Aubrey McClendon betting the proverbial farm that nat gas [NGCV1  3.628    0.041  (+1.14%)   ] is about to become the nation’s preferred source of energy. 
Not only is nat gas abundant in the United States but it’s also the cleanest burning of all the fossil fuels. 
As a result, McClendon and may others believe that nat gas has the potential to be transformative because it can lower the price of energy for all Americans as well as break America’s dependence on foreign oil.
Read the rest of the article and watch video of Jim Cramer's interview with Aubrey McClendon by clicking here.

Meanwhile, the Tribune Chronicle also had a story about CNBC's coverage:
A CNBC reporter in town to report on how the area is part of a resurgence in manufacturing because of the Utica Shale says he sees a lot more optimism than on his last visit here.
In fact, Phil LeBeau said he can't remember what he was in town for the last time he was here as a reporter, but he said the mindset is vastly different now than what it was then.
''There is a feeling building, there is momentum building for the economy for a long time,'' LeBeau said.
LeBeau and his crew have been in the city for a couple days. Thursday, they spent the morning at a house being demolished on Republic Street on the East Side then moved to De-Cal Inc. Industrial Contractors on Ohio Works Drive.
LeBeau said one of the things he wanted to do during his visit was demonstrate how drilling and hydraulic fracturing, or fracking, related businesses are growing and fueling the economy. Michael Montgomery, regional manager of De-Cal, said that his company had 20 employees at the beginning of 2011 and has 132 now.
Read the rest of that article here.

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