2023 proves to be a banner year for Ohio’s energy industry and economy
This year, when JobsOhio and Cleveland State University released their report on shale-related investment in the state of Ohio, it showed the state crossing a huge economic milestone. The natural gas and oil industry has officially saturated Ohio with more than $100 billion in investments. The report projects that the Ohio Valley will produce 45 percent of the nation’s natural gas supply by 2040.
“When you look at this report, the immense commitment of the natural gas and oil industry to our state is clear. This report highlights not only all the work the men and women of the energy industry are doing, but the immense benefits that are brought to communities across Ohio,” said Bruce Tague, Executive Director of Ohio Natural Energy Institute.
The JobsOhio/CSU study on the natural gas and oil industry's investments looks at upstream, midstream and downstream investment made by the energy industry. Since 2011, the study estimates a total of $103.1 billion has been invested in the state of Ohio.
Other highlights in the report:
• Total investment from July through December 2022 was approximately $2.5 billion, including upstream, midstream and downstream.
• Royalty payments made on Ohio properties between July and December 2022 reached $1.6 billion.
Ohio’s natural gas industry leads the nation in growth for the fourth consecutive year due to the presence of the massive Utica and Marcellus shale deposits. The full report can be found here.
About The Ohio Natural Energy Institute: The Ohio Natural Energy Institute is an organization of professionals who educate people about the essential energy that makes life better, specifically focusing on natural gas and oil production. In the community and in classrooms, we provide trusted, factual information through teacher workshops, first responder training, guest speaker programs and more. Engage with the Ohio Natural Energy Institute via Facebook, Twitter, Instagram and LinkedIn.