$10 Billion a Year Expected from Ohio's Utica Shale Formation

The Ohio Shale Coalition has released a report, "An Analysis of the Economic Potential For Shale Formations in Ohio," which paints an optimistic picture:

For the first time in over 100 years, Ohio finds itself on the threshold of not only being self-sufficient in the production of oil and gas, but also possibly even being a hydrocarbon exporter. This dramatic renaissance in Ohio's oil and gas industry comes courtesy of new drilling and completion technologies that has enabled oil and gas producers to extract hydrocarbons from shale reservoirs that heretofore were considered uneconomical to produce, due to the impermeability of the shale formations.

The report states that by the time production ramps up in 2014, shale gas will add nearly $10 billion per year of Output -- "the total value added by increased economic activity as a result of the shale development, plus the value of intermediary goods" to the Ohio economy, with 65,680 new jobs.

(h/t Oil & Gas Journal)