Fracking Once Lifted Pennsylvania. Now It Could Be a Drag.
CARMICHAELS, Pa. — The last time the global economy was in free fall, an economic savior showed up in southwestern Pennsylvania. Energy companies, which had discovered a way to get at the state’s vast natural-gas reserves, invested billions of dollars in the region, cushioning the blow of the Great Recession.
“There were just so many jobs,” Debbie Gideon, a retired community banker, recalls. “It was crazy.”
But 12 years later, as the region braces for the coronavirus recession, natural-gas companies are much more likely to weigh on the local economy than to rescue it.
Even before the latest shock, gas operators were reeling from self-inflicted wounds. They had taken on too much debt and drilled so many wells that they had flooded the market with gas, sending its price into a tailspin.
To conserve cash, the firms have been frantically slashing investments, cuts that will pummel local suppliers and contractors. “Every time one of these slowdowns occurs, they beat down every vendor they can,” said Steve Stuck, president of Jacobs Petroleum in Waynesburg, which supplies diesel to the natural-gas operators.
https://www.msn.com/en-us/money/markets/fracking-once-lifted-pennsylvania-now-it-could-be-a-drag/ar-BB11XpYs?ocid=spartandhp
I grew up in Greene County, the frackers are destroying it!
Al