Posts tagged west virginia

According to Huntington Bank’s Midwest Economic Index, nearly 60 percent of those living within shale exploration areas believe the rapidly growing industry will bring economic opportunity.
As shale exploration continues across the country, the hotly debated industry has gained those that praise the abundant resource and those that see it as an environmental liability. While both sides continue to validate their argument, the economic benefits are often hard to overlook, as the stretch of land from West Virginia to Michigan that is currently being explored could potentially be worth hundreds of millions of dollars.
"While many inside and outside of the energy industry are predicting growth, we wanted to find out how the residents of our markets perceive the potential economic impact of the industry on their communities ,” said Steve Steinour, chairman, president and CEO of Huntington Bank.
Much of the area being explored accounts for the Rust Belt, parts of the Midwest and Northeast that have suffered economically since manufacturing numbers began to decrease nearly 40-years-ago.  ”With manufacturing growing again, and aggregate employment in these areas outpacing the national economic recovery, we prefer to call this swath of the country the Recovery Belt,” said Steinour, citing Ohio’s shrinking unemployment rate of 6.8 percent, a full percent below the national average.
Those that participated in Huntington’s Midwest Economic Index may agree with the predictions of analysts that believe the shale industry will produce hundreds of thousands of jobs, but another portion of the index revealed that less than 50 percent believed the economy would be better next year.

According to Huntington Bank’s Midwest Economic Index, nearly 60 percent of those living within shale exploration areas believe the rapidly growing industry will bring economic opportunity.

As shale exploration continues across the country, the hotly debated industry has gained those that praise the abundant resource and those that see it as an environmental liability. While both sides continue to validate their argument, the economic benefits are often hard to overlook, as the stretch of land from West Virginia to Michigan that is currently being explored could potentially be worth hundreds of millions of dollars.

"While many inside and outside of the energy industry are predicting growth, we wanted to find out how the residents of our markets perceive the potential economic impact of the industry on their communities ,” said Steve Steinour, chairman, president and CEO of Huntington Bank.

Much of the area being explored accounts for the Rust Belt, parts of the Midwest and Northeast that have suffered economically since manufacturing numbers began to decrease nearly 40-years-ago.  ”With manufacturing growing again, and aggregate employment in these areas outpacing the national economic recovery, we prefer to call this swath of the country the Recovery Belt,” said Steinour, citing Ohio’s shrinking unemployment rate of 6.8 percent, a full percent below the national average.

Those that participated in Huntington’s Midwest Economic Index may agree with the predictions of analysts that believe the shale industry will produce hundreds of thousands of jobs, but another portion of the index revealed that less than 50 percent believed the economy would be better next year.

In the Pipeline: A look at Pennsylvania’s new emergency-response bill and Miss America candidate Spenser Wempe sounds off about natural gas in West Virginia. 

VIDEO: This week our hosts Erich Schwartzel and Elisabeth Ponsot look at the Marcellus Shale legislation passed in West Virginia and analyze a new study that questions the true profitability of natural gas drilling. 

Investigation reveals strategy to minimize leaseholder rights & expand company control

A Pittsburgh Post-Gazette examination of hundreds of West Virginia leases signed between 2006 and 2011 revealed new lease practices that drastically changed the terms for landowners. Notably, Chesapeake has taken advantage of its ability to create “units,” in which dozens of individual properties can be legally joined into one giant property.

In West Virginia, sometimes just one property owner in the entire unit sees a royalty check, even if gas is extracted from underneath several plots of land.

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Reid R. Frazier and Ann Murray

Salts from drilling, a drinking water danger, still showing up in rivers (via Essential Public Radio- Pittsburgh)