Report: Ohio Consumers Saved More Than $40 Billion over 10 Years from Lower Natural Gas Prices
COLUMBUS, Ohio--(BUSINESS WIRE)--Aug 8, 2018--Thanks to increased production and new technologies, which have decreased the price of natural gas, Ohio energy consumers saved more than $40.2 billion between 2006 and 2016, according to a new report released today by Consumer Energy Alliance (CEA).
Residential users saved almost $15 billion, while commercial and industrial users saved upwards of $25.3 billion, the report, titled “,” said. The analysis examined how the shale revolution across the Marcellus and Utica region has provided benefits to Ohio’s energy consumers by boosting disposable income and revitalizing communities.
CEA’s report examines the benefits of Ohio’s energy production and its role in providing reliable and affordable energy that keeps the lives and the businesses of Ohio moving. CEA continues to strongly support the development of natural gas and other traditional and alternative energy sources while urging policymakers in Ohio to embrace the benefits and growth potential that Ohio energy production brings to families, farms, and factories across the state.
Highlights from the report include:Due to increased production and new technologies, Ohio natural gas consumers have saved over $40.2 billion between 2006 and 2016 simply because of the decreasing price of natural gas, with residential users saving almost $15 billion, while commercial and industrial users saved upwards of $25.3 billion. Prior to the shale revolution, prices for natural gas in Ohio peaked at $10.66 and has steadily decreased to just under $4. After Ohio gas prices peaked at an average of $4.15 per gallon in 2011, increases in shale oil production helped prices fall to some of their cheapest marks in 10 years. In one year alone, AAA found drivers saved $115 billion, an average of $1,100 per household. In the last seven years, shale-related industry employment increased 7.8 percent, employing over 389,000 Ohioans. Average wages across shale-related industries also increased to $98,613 – over $49,000 greater than the average for all industries in the state. More than 700 new businesses have been established statewide to support the shale industry, bringing in over $63.9 billion in new investments. [i] These businesses invested in all aspects of shale energy, from production and transmission, to end-use power generation, petrochemical plants, and plastic manufacturing.
“This report highlights the benefits Ohio’s communities are receiving as a result of the state’s role in the U.S. energy revolution and investment in our state’s energy infrastructure,” Chris Ventura, CEA’s Midwest Executive Director, said. “Lower fuel prices have helped Ohioans save over $40 billion in the past decade. This means families have more money to pay for school clothes, grocery bills, and perhaps even to take a vacation that has been put off for far too long.”
Ventura added, “Fortunately, the benefits from increased production of Ohio’s energy resources are not just limited to residential consumer savings, energy development has also led to the increase in economic investment and job creation we’ve seen over the past decade.”
“Despite the tremendous benefits and critical importance of energy production to Ohio’s families, farmers, and factories, out-of-state activists continue to work to eliminate the production of safe, affordable sources of energy without offering any solutions to help meet consumer demand as well as our environmental goals. CEA believes that it is critical for Ohio’s policymakers, regulators, and leaders to continue to come together in support of Ohio energy production that will keep our state thriving.”
To view the report, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) brings together families, farmers, small businesses, distributors, producers and manufacturers to support America’s energy future. With more than 500,000 members nationwide, our mission is to help ensure stable prices and energy security for households across the country. We believe energy development is something that touches everyone in our nation, and thus it is necessary for all of us to actively engage in the conversation about how we develop our diverse energy resources and energy’s importance to the economy. Learn more at ConsumerEnergyAlliance.org.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180808005152/en/
CONTACT: Consumer Energy Alliance
Emily Haggstrom, 720-582-0242
KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: OTHER CONSUMER ENERGY OIL/GAS OTHER ENERGY NATURAL RESOURCES OTHER NATURAL RESOURCES CONSUMER FAMILY
SOURCE: Consumer Energy Alliance
Copyright Business Wire 2018.
PUB: 08/08/2018 09:00 AM/DISC: 08/08/2018 09:01 AM