Shale Oil and Gas to Grow Economy

           

Partners in Advance Northeast Ohio share a vision of building the most vibrant economic region in the country. That ambitious vision seems a little closer upon a close reading of a new detailed analysis of the potential impact of the emerging oil and gas industry in Northeast Ohio.

The study done by three universities, including Cleveland State University, on behalf of the Ohio Shale Coalition projects that the industry will boost the state's economy by $5 billion and sustain more than 65,000 jobs by the end of 2014 -- less than three years away. The study uses relatively conservative estimates and doesn't try to forecast beyond 2014, even though it is expected that the oil and drilling activity will still be in its early stages at that time.

As the Fund for Our Economic Future has stated, we need to be committed to environmentally and socially responsible extraction of oil and gas. This new study helps us understand just how big an economic opportunity is at under our feet. And how important it is that we take full advantage of it.

What do you think the region should do to take advantage of this growing industry?

Chris Thompson