Obama’s Re-election Impact on Ohio’s Utica Shale Drilling
A sobering and excellent article in the Coshocton Tribune takes a look at how the re-election of Barak H. Obama will negatively impact small businesses and the Utica Shale drilling industry in Ohio. We highly recommend you read the entire article to gain an understanding of the implications for all types of small businesses—businesses that are the economic backbone of our country.
Here’s a small portion of the article that deals with federal impacts on shale gas drilling in Ohio:
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Here’s a contrary view if ever we’ve seen one: Bill Powers, editor and writer of the Powers Energy Investor newsletter and someone who has sat on the board of three oil and gas companies and has been an active investor for 25 years, says shale gas supplies in the U.S. have been vastly overhyped. Over the past three years Powers researched and next spring will publish a new book called: Cold, Hungry and in the Dark: Exploding the Natural Gas Supply Myth. In the book he argues that contrary to the popular belief that the U.S. has a 100-year supply of natural gas due to shale gas fracking, he believes it’s more on the order of 5-7 years. Say what??
Holy smokes. Yesterday Chesapeake Energy, one of largest drillers in both the Marcellus and Utica Shale region, took out an unsecured (unsecured!) 5-year loan from Bank of America, Goldman Sachs and Jefferies Finance. How much? Try $2 billion (with a “b”). The loan will be syndicated or sold off to a large group of investors. Chesapeake is using the loan to pay off other previous loans. The company continues to sell off parts of the company to pay off all the loans, including this new one.