Wednesday, November 27, 2013
The Utica Shale produced 550 new millionaires in one county. Happy Thanksgiving
The Utica Shale has produced 550 new millionaires in Carroll Country. Harrison County has about 80 new millionaires too according, to Chris Penrose, an associate professor and extension educator for Morgan County with OSU Extension. Using 2010 census data, which finds that there were 11,126 households in the Carroll County that means that about one in 20 household now contains a millionaire. I wonder if they watch Beverly Hillbillies reruns on their 60 inch flat screens.
The creation of individual wealth is something everyone should see as a positive good and the Utica promises much more to come in the very near future. It could be that Carroll County does not have more oil and gas than Belmont, Columbiana, Harrison, Jefferson and Monroe Counties. It is the most drilled county with 339 well permitted because Chesapeake Energy, the largest player in the Utica, acquired leases there but other counties may be just as productive. Gulfport Energy's Irons 1-4H well in Belmont County is now yielding an astounding 30 million cubic feet of dry methane natural gas daily, according to company records.
Instead of boring friends and relatives with discussions about the need to buy health insurance, without mentioning the depressing Obamacare disaster, as Obama suggests thrill them with true stories of new found plenty. That's why this country has Thanksgiving.