Congressional Hearing: Shale Energy a “Game Changer” for Small Biz
Dennis Heller is a small business owner—president and CEO of Stephenson Equipment in Harrisburg, PA. Stephenson Equipment employs 120 people selling and renting construction equipment and crane services, parts, and operator training at seven locations in Pennsylvania and New York. Heller recently testified at a U.S. House of Representatives Natural Resources Committee Energy & Mineral Resources Subcommittee field hearing in Steubenville, Ohio, on the impact of shale energy development and what it means for small businesses (a copy of his testimony is embedded below).
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In 2011, Marcellus drilling expanded exponentially in Pennsylvania. According to the PA Department of Environmental Protection (DEP), companies drilled 2,755 Marcellus shale gas wells in Pennsylvania in 2011, up from 1,386 in 2010. That’s nearly a 200 percent increase (or doubling) in one year alone.
Chesapeake Energy released fourth quarter 2011, and full year 2011 numbers on Tuesday. About one month ago Chesapeake announced they were curtailing 0.5 billion cubic feet (bcf) of gas production per day because of low commodity gas prices. At the time they threatened to up that number to 1.0 bcf. According to Tuesday’s announcement, they have made that adjustment. Chesapeake wants to save its gas to sell it when the prices go back up, and likely hopes that by taking a good amount of gas out of circulation, it will help drive up the historically low prices sooner rather than later.
Yesterday, Tompkins County (NY) Supreme Court Judge Phillip Rumsey handed anti-drillers a first, and likely short-lived, victory. He ruled that the Town of Dryden, located near Ithaca, has the right to ban shale gas drilling. As with many legal issues, this one is complicated, so let’s take a look at the case, Judge Rumsey’s decision, and what happens next.