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Category: Ohio

Shale is in 'survival mode;' drilling is being affected by tumbling oil and gas prices

January 21, 2015 Posted by Chris Wysong

Dan Shingler of Crains Cleveland reports on how market conditions in the coming year will affect drilling in the Utica shale and around the country. Shale is in survival mode; drilling is being affected by tumbling oil and gas prices By: Dan Shingler (Crains Cleveland) The price of oil has dropped by more than 50% in about the last six months, to five-year lows of less than $50 per barrel. Natural gas has taken a similar tumble, dropping from nearly $5 per thousand cubic feet (mcf) last May, to less than $3 in recent days. Its a situation many analysts are equating with the mid-1980s, which was the last time the price of oil, and the U.S. drilling industry, crashed. Except this time, Ohio is an oil and gas producer and has more to worry about than the cost of driving a car or heating a home. The low prices are likely to impact shale drilling, which many see as the states biggest economic success story in decades. We, as an industry, are in survival mode. ... Its having a significant

Posted in Shale, Ohio, Drilling

Boom in Energy Spurs Industry in the Rust Belt

September 10, 2014 Posted by Chris Wysong

The energy boom is spurring the economy in some of the places that were hit hardest by the recession. In Ohio, unemployment rates are falling as sectors from manufacturing to law are being reshaped, and residents are showing less opposition to controversial fracking techniques as it brings desperately needed jobs. Boom in Energy Spurs Industry in the Rust Belt By: Nelson D. Schwartz YOUNGSTOWN, Ohio Waist-high weeds and a crumbling old Chevy mark the entrance to a rust-colored factory complex on the edge of town here, seemingly another monument to the passing of the golden age of American industry. But deep inside the 14-acre site, the thwack-thwack-thwack sound of metal on metal tells a different story. Were holding our own, said Greg Hess, who is looking to hire draftsmen and machine operators at the company he runs, Youngstown Bending and Rolling. I feel good that we saved this place from the wrecking ball. The turnaround is part of a transformation spreading across the heartland

Posted in Jobs, Ohio, Energy, Economy

Ohio could add 16,000 jobs, $2.68 billion to the state economy

September 04, 2014 Posted by Chris Wysong

From 2012 to 2013, Ohio experienced the largest percentage increase in natural gas production in the states history. Now, lawmakers are lobbying for new legislation that would lift restrictions on US exports and could bring 16,000 jobs and over $2 billion in revenue to the state economy by 2020. Study: Ohio could add 16,000 jobs, $2.68 billion to the state economy By: Marc Kovac COLUMBUS An update on lawmaker action and other activities at the Ohio Statehouse related to horizontal hydraulic fracturing: New Study: A report by ICT International and EnSys Energy and touted by the American Petroleum Institute projected that Ohio could add nearly 16,000 jobs and $2.68 billion to the state economy by 2020 if restrictions on U.S. crude exports were lifted. Restrictions on exports only limit our potential as a global energy superpower, Chris Zeigler, API-Ohios executive director, said in a released statement. Additional exports could prompt higher production, generate savings for consumers

Posted in Ohio, Shale, Jobs, Exports

Developer to Lease Ohio Site for Ethane Cracker

August 27, 2014 Posted by Chris Wysong

Houston-based firm Appalachian Resins, Inc. plans to build a $1 billion dollar facility in Ohio. The 600 million pound per year facility will be able to process approximately 18,000 barrels per day of ethane into ethylene and polyethylene. Developer to Lease Ohio Site for Ethane Cracker By: Matthew V. Veazey Appalachian Resins, Inc. (AR) plans to lease approximately 50 acres of land in Salem Township, Ohio, to build an integrated 600 million pound per year ethylene/polyethylene production facility, the Houston-based firm announced in an emailed statement to DownstreamToday. There is no difference in our development activities, we have essentially only moved across the Ohio River, James Cutler, ARs CEO, said Sunday after announcing his companys signing of a land lease letter of intent with the Monroe County (Ohio) Port Authority. We will not be integrating with an existing operating (brownfield) facility but will be more of a greenfield location. However, we will have improved rail

Posted in Ethane, Facilities, Ohio
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