Today, Ohio Treasurer Josh Mandel’s must-read op-ed ran in the Wall Street Journal. The article highlighted the amazing opportunities the Utica shale play grants for Ohio and the major roadblocks from Washington that seek to threaten them. Josh Mandel is also running for the U.S. Senate in Ohio.
Clearly Mandel understands that the oil and natural gas industry is a major jobs creator and that other industries ranging from manufacturing to construction to service industries also reap the benefits. Unfortunately, the Obama administration has halted the sale of drilling rights in Ohio’s national forest. And by one estimate, the article says, the administration has killed or threatened more than 200,000 jobs.
Here are some highlights:
“The Ohio leases would have included parcels in three counties badly hurting for jobs…A September study for the Ohio Oil & Gas Energy Education Program found that production in the Utica shale formation has the potential to create more than 200,000 Ohio jobs by the year 2015.”
“Along with Republic Steel, U.S. Steel has also announced new jobs and expansion in Ohio, in its case to meet demand for steel piping created by shale exploration. Vallourec & Mannesmann plans to build a plant in Youngstown, breathing new life into the heart of the rust belt. The Canton-based steel manufacturer Timken recently said that its planned expansion is motivated in part by strong sales to oil and gas companies, which make up 20% of the company’s sales.”
“Exploration in the Utica shale could also mean cheaper utility bills for consumers. A Pennsylvania State University study published in July found that natural gas prices there dropped by 12.6% in 2010, saving consumers $633 million. The U.S. Energy Information Administration says that summer 2011 natural gas prices in the Northeast were 2%-15% lower because of increased shale production.”
Please click here to read the full article.