It’d be easy to analogize the small group of analysts who continue to believe the world is imminently running out of oil and natural gas to the stranded Imperial Japanese soldiers who, upon being discovered in the jungles of Guam and Indonesia in the 1970s, refused to accept that the second World War had decades earlier come to a close.
Having reviewed the thorough responses to the recent Ohio State Utica jobs report posted on this site this week by Dr. Kleinhenz and EID’s Mike Chadsey, I’m not certain there’s much more for me to add. But I did want to take just a moment to share a few initial thoughts, particularly given the OSU researchers’ frequent citation of the updated report we released earlier this year characterizing what we expect will be significant economic gains as a result of continued Marcellus development in Pennsylvania.
I appreciate the opportunity to briefly respond to the paper issued last week by researchers from Ohio State’s Dept. of Agricultural, Environmental, and Developmental Economics.
It’s a tired refrain (and demonstrable fiction) used incessantly by opponents of responsible shale development in their press releases and fundraising pleas: The industry, they claim, is unregulated. But for those of us interested in facts, we know better. And news this week from Colorado and Texas provides yet another example of how states are doing a more than adequate job in regulating the industry: both states’ primary regulatory bodies overseeing oil and gas development moved forward with rules requiring disclosure of fluids used during hydraulic fracturing.
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