Pennsylvania is sitting on a buried treasure called the Marcellus Shale formation. This resource holds, at its core, the potential for more than 200,000 new Pennsylvania jobs during the next 10 years, and $1.8 billion in state and local tax revenues from 2010 through the first half of 2012.
Hydraulic fracturing is a means of extracting natural gas from shale formations such as the Marcellus Shale. It is a proven technology and has been used since the 1940s in more than 1 million wells in the United States to help produce oil and natural gas.
The oil and natural gas industry understands that there are environmental risks associated with hydraulic fracturing, however, these risks are mitigated through the establishment of stringent standards, operational procedures and regulations, many of which were established by oil and natural gas companies based on over a century of experience.
In Pennsylvania alone, 271,250 jobs are supported by the oil and natural gas industry (2009). These jobs add $25.8 billion to the gross state product, or 4.8% of its wealth. These numbers are growing quickly with the addition of Marcellus Shale production.
Pennsylvania has been blessed with oil and natural gas resources since the first oil well was drilled in 1859. Now, the Keystone State is seeing a new economic boom in natural gas development with the Marcellus Shale. However, with the boom comes local challenges to ensure that development takes place in a manner that protects the citizens and environment our beautiful state.
The Marcellus Shale formation has a nationwide impact. Development in this region could increase energy security, increase American jobs and add revenue to local, state and federal coffers.
Watch Video Explaining Hydraulic Fracturing.
