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The Economic Oppotunities Of Shale Energy Development

Tuesday June 2011


Timothy J. Considine School of Energy Resources Professor of Economics, University of Wyoming

Respondent: Hon. Edward G. Rendell, Partner, Ballard Spahr LLP; Former Governor of Pennsylvania (2003-11)

America is experiencing a boom in natural gas discovery and drilling, thanks to new technology permitting extraction of gas trapped in shale rock formations. The boom has sparked concern about the environmental effects of the “fracking” technique required to reach such gas—including a moratorium on such drilling in the Marcellus shale region of New York State. But what about the economic benefits that such development can bring? According to analysis by University of Wyoming professor Timothy Considine, New York’s moratorium is costing the state $11.4 billion in economic output and up to $1.4 billion in foregone tax revenue. Lifting the ban could lead to the creation of between 15,000 and 18,000 new jobs in the depressed Southern Tier and Western New York regions.

Pennsylvania’s experience suggests that environmentally safe development of the Marcellus shale is possible in New York. Please join us for a presentation of Considine’s key findings, and a discussion of the impact of shale gas development on the Pennsylvania economy with former-Governor Edward G. Rendell.