SHALE BENEFITS: Valley company cited as success story

News
July 18, 2012
By Burton Speakman
bspeakman@vindy.com
 
Columbus
 
A company based in Trumbull County was one of three examples of Ohio success stories that were part of an event Tuesday in Columbus designed to focus on the economic benefits of shale development.
 
VEC has more than doubled in staff since shale development started in this area, said Chris Jaskiewicz, senior vice president/COO for VEC.
 
“We have an ongoing list of 20 to 30 positions and we pay an average salary of $60,000,” he said. “Some of the guys who work out in the fields make more than $100,000 per year because of the number of hours they work.”
 
Shale growth also has allowed VEC to buy and renovate three buildings within Mahoning County to handle additional work for oil and gas companies, Jaskiewicz said.
 
The event was sponsored by the U.S. Chamber of Commerce.
 
A lot of people throughout the country do not understand that even if shale is not present near them, they still benefit economically, said Christopher Guith, vice president for policy at the Institute for 21st Century Energy, which is part of the U.S. chamber.
 
“Shale energy has the potential to be an economic game-changer for America and for Ohio,” said Karen Harbert, president and CEO of the Energy Institute. “Ohioans already are beginning to see the benefits of shale development, but much more shale energy sits below the surface. The Shale Works for US campaign will help educate the public and the business community and demonstrate the ways in which increased shale production will benefit communities across the Buckeye State.”
 
Almost 20 percent of the Marcellus Shale formation — one of the world’s largest — is in Ohio. Development of shale energy is expected to bring more than 65,000 jobs, contribute $4.86 billion to Ohio’s economy and result in $3.3 billion of labor income (an average of $50,225 per job) by 2014, according to the Ohio Shale Coalition.
 
Oil and natural-gas production is not new, but technology advances will allow vast quantities of shale energy to be provided in a safely and responsibly.
 
Recent advances in technology will allow for vast quantities of recently discovered shale energy to be produced in a safe, environmentally responsible way, said Linda Woggon, executive director of the Ohio Shale Coalition and executive vice president of the Ohio Chamber of Commerce.
 
“This production will not only create jobs for Ohioans, but generate new revenues for localities throughout our state, meaning more money for education and public safety and lower residential property taxes,” Woggon said.