Landowners in Trumbull County, Ohio—some 50 to 60 families—are now collectively $7 million richer since receiving their lease signing bonus checks. Including Richard and Ida Faber, who received a check yesterday for $701,580—almost $3,000 per acre.
Carroll County, Ohio is starting to feel the negative effects of Chesapeake Energy’s troubles, as noted in a story yesterday in the Cleveland Plain Dealer. Because of recent revelations of debt financing, private hedge funds and other practices by Chesapeake CEO Aubrey McClendon, and a resulting fall in Chesapeake’s stock price and credit rating, drilling industry activity in Carroll County has slowed down—a lot.
It seems a lot of today’s news is about fracking, so here’s one more story about fracking—not Marcellus or Utica related—but important all the same. Our ultra-environmentally conscious friends from across the pond have decided that fracking is a safe technology. Take note Vermont!
From a press release issued by British Gas:
In a purely symbolic gesture, Vermont has become the first (and likely only) state in union to ban hydraulic fracturing. Gov. Peter Shumlin signed the law yesterday with a crowd of grade school students from Twinfield Union School who have been brainwashed by their teachers into thinking fossil fuels are evil. The ban is symbolic because there is no oil or gas underneath Vermont to drill for.
A new study released by the accounting firm Ernst & Young says that even if Ohio Gov. John Kasich gets his way and boosts the severance tax in the state on oil and gas drilling, Ohio’s severance tax rate would still be less than other states. Kasich wants to rob Peter to pay Paul, taking even more money from energy companies and landowners in the form of higher severance taxes in order to reduce the state income tax for everyone.
Apparently the Ohio Business Roundtable is in Kasich’s hip pocket because they are the ones who commissioned the study. This is the first time MDN has ever heard of a “business group” who wanted higher taxes.
The “best of the rest” – stories that caught MDN’s eye that you may be interested in reading: