The Promise of an Oil and Gas Boom: Did it Deliver?
Fifteen years ago, residents in our region were filled with anticipation. They were told that a new oil and gas boom was on its way. However, given previous false promises, most people took a wait-and-see approach. Now, a recent report by the Ohio River Valley Institute suggests that this approach was the right one.
The report, based on data from the U.S. Energy Information Administration, examined natural gas output statistics and economic outcomes in 22 counties responsible for 90% of Appalachian gas production. Ohio counties including Carroll, Jefferson, Harrison, Belmont, Guernsey, Noble, and Monroe were included in the study.
It is worth noting that the report was authored by an organization that refers to these 22 counties as “Frackalachia.” The analysis revealed that since 2008, gas production in the region has deteriorated and growth has shifted from meager gains to an absolute decline.
This data presents a unique and troubling challenge for policymakers in northern Appalachia and for those who care about the economic wellbeing of the region. Author of the report, Sean O’Leary, emphasized the need to acknowledge two key factors: some families are better off now than they were before the so-called boom, and we cannot know how much worse things might have been without any oil and gas activity.
In light of these findings, it becomes crucial for policymakers to focus on attracting new employers who can diversify and strengthen the region’s economy. It is evident that the oil and gas companies, once heralded as saviors for our region, did not live up to their promises. Therefore, it is time to explore other avenues for economic growth.
This report highlights the importance of scrutinizing the data and reevaluating our priorities. While some benefits have been achieved, it is clear that the reliance on oil and gas alone is not sustainable for the long-term economic prosperity of our region. It is essential for policymakers to develop strategies that foster diversification and the attraction of new industries.
In conclusion, the hope for an oil and gas boom may have fizzled out over the past 15 years. The numbers indicate that growth has been stagnant and declining, raising concerns about the economic future of the region. However, this presents an opportunity to shift our focus towards building a more resilient and diversified economy. It is up to our policymakers to take the lead and pave the way for a brighter future for our region.