ECONOMICS OF CRACKING/FRACKING
Cracker plant won’t bring petrochemical jobs boom to the area, experts warn
Experts caution Ohio, WV, PA governors that a proposed multi-billion dollar petrochemical plant may be a non-starter due to market conditions
Institute for Energy Economics and Financial Analysis explains how fracking has been an economic "bust" and talks about "green" energy infrastructure economics.
A note from Concerned Ohio River Residents (CORR):
CORR asks this question- why is the Ohio Valley and the state of Ohio investing in a failing business model? Our leaders should be investing in renewable, sustainable technologies and industries and putting support towards small businesses, education, health care and agriculture- not this boom-bust industry that is not guaranteed to last. Not an industry that would harm way more people than it would benefit. Not an industry that send profits to overseas corporations. This is clearly an environmental justice issue. The Valley is struggling economically. Many people are desperate for jobs. This is not the answer.
JobsOhio, Ohio's economic development arm has granted over $70 million in site clean-up and prep. The plant is not even guarenteed to be built and/or last long. No one is sure how much longer the fracking industry will last. No one is sure what the world-wide demand for plastics will look like in the coming years. We need to be looking long-term at these things. It is an irresponsible decision to invest the Valley in this industry.
There are many forces currently at play that are working against PTT Global (in no specific order), such as the current economic slow-down, Mountaineer Storage Facility (where the ethane would be stored underground) losing its environmental permit, the tanking oil and gas industry, and the world-wide decrease in demand for plastic products. Read CORR's recent press release HERE for important economic/financial updates that work to our advantage.
Reports on how fracking is an economic bust:
Is shale development worth the costs? A CMU study says no.
Research finds shale gas jobs don't offset damage done
Please read this article about a study done by Carnegie Mellon University that showed that the economic development that came from fracking and cracking wasn't worth the costs of the damage done to the community.