"The bust has certainly hit the Haynesville hard. Some local landowners, having spent their initial lease bonuses, are now deeply in debt. Local restaurants and other businesses are suffering steep losses now that so many drillers have left town."
In 1930, my greatgrandparents purchased a beautiful farm in Bradford County, PA, in a little hamlet called French Azilum. In the summer, we spent time there, resting, breathing in the fresh air, enjoying the wild flowers, the bright stars and planets on a clear moonlit night, and swimming in the Susquehanna River. If gas drilling is allowed to continue, Bradford County and all of Pennsylvania will be forever changed, ruined beyond repair.
Saturday, October 20, 2012
After the Boom in Natural Gas
The New York Times has published an article today (Clifford Krauss and Eric Lipton) which tells another sad story related to the gas industry. What happens after the drilling is finished and the roughnecks leave town? Here is what is happening in Louisiana where the Haynesville Shale is located:
Click here.
At its peak, Chesapeake Energy ran 38 rigs in the region. It has drilled more than 1200 wells into the Haynesville (Louisiana and Texas). Now only 2 rigs are in use. The drillers drilled so many wells and extracted so much gas that they have driven the price of natural gas to near-record lows. The NYT article explains who is making a lot of money and who is suffering financially now.
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