West Virginia: Shale industry expected to grow the economy
Saturday, October 24, 2015
Even though commodity prices remain low and the glut of oil and natural gas persists, the shale industry is boosting the economy, according to Shale Play.
West Virginia is expected to produce 2 trillion cubic feet of natural gas per year by 2020. If one of the ethane cracker plants in the Utica and Marcellus shale region is built, the state could have $6 billion added to its economy.
By 2020, the U.S. as a whole is expected to grow economically by an average of 1.2 percent. The Wheeling area, which includes Belmont County in Ohio and Wetzel, Ohio and Marshall counties in West Virginia, is expected to grow by 0.9 percent, according to Shale Play.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.