At first, Raymond Gregoire did not want to listen to the raspy voice on his answering machine offering him money for rights to drill on his land. They want to ruin my land, he thought. But he called back anyway a week later to hear more.RTWT!
By the end of February, he had a contract in hand for $62,000, and he pulled together a group of 75 neighbors who signed $3 million in deals.
“It’s a modern-day gold rush in our own backyard,” Mr. Gregoire said.
Not just his backyard either — a frenzy unlike any seen in decades is unfolding here in rural Pennsylvania, and it eventually could encompass a huge chunk of the East, stretching from upstate New York to eastern Ohio and as far south as West Virginia. Companies are risking big money on a bet that this area could produce billions of dollars worth of natural gas.
A layer of rock here called the Marcellus Shale has been known for more than a century to contain gas, but it was generally not seen as economical to extract. Now, improved recovery technology, sharply higher natural gas prices and strong drilling results in a similar shale formation in north Texas are changing the calculus. A result is that a part of the country where energy supplies were long thought to be largely tapped out is suddenly ripe for gas prospecting.
...The company that has done the most work is Range Resources of Fort Worth, which says it plans to invest at least $426 million in the Appalachia region this year.
“... When Range came in a lot of people didn’t like it,” Mr. Deiseroth said, “But things changed when they started getting their checks.”
- WE DON'T NEED NEW TAXES OR NEW TAX-PAYER FINANCED "ALTERNATIVE" ENERGY SOURCES.
- WE JUST NEED TO LET THE MARKETPLACE WORK ITS MAGIC.
- TO REDUCE PRICES, WE JUST NEED TO LET ENERGY COMPANIES EXPLOIT THE HERETOFORE UNEXPLOITED ENERGY SOURCES WE HAVE RIGHT HERE AT HOME: NOT JUST IN THE "MARCELLUS SHALE", BUT IN ANWR AND OFF THE COASTS OF FL AND CA, TOO!