The Economic Impacts of the Marcellus Shale: Implications for New York, Pennsylvania, and West Virginia. A Report to The American Petroleum Institute, by Timothy J. Considine, Ph.D., Natural Resource Economics, Inc.
“Deep beneath the rolling hills and mountains of Appalachia from West Virginia in the south to upstate New York in the north lies a natural gas deposit known as the Marcellus Shale. After more than five years of hard work, gas producers are convinced that this field contains an enormous reserve of natural gas. Some studies estimate recoverable reserves in the Marcellus at over 489 trillion cubic feet (TCF), which would place the Marcellus second only to the South Pars field in Qatar and Iran. So within a couple hundred miles of the Washington-New York corridor with a significant population and demand for energy lays a super giant natural gas field of Middle East proportions. Given this close location to consumers, the value of this reserve is immense, over two trillion dollars at current natural gas prices, which are relatively low. As a result, investment is pouring into the Marcellus region. Development is now well underway in Pennsylvania and West Virginia. Promising Marcellus prospects also exist in upstate New York. This study estimates the economic impacts of current and future Marcellus development
activity.”
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