Ohio consumers saved more than $40 bln on natural gas between 2006-2016

Published on August 10, 2018 by Chris Galford

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Over the decade between 2006 and 2016, the Consumers Energy Alliance (CEA) found that consumers in Ohio saved more than $40.2 billion as increased production and new technologies pushed down natural gas prices.

Ohio is one of the top 10 natural gas consuming states in the nation with nearly two-thirds of residential consumers using natural gas for home heating, CEA noted in its report.

Energy production and the shale revolution that began in 2006 in the region where the Utica and Marcellus are located have helped to ease the energy burden on Ohioans, the CEA’s report said. Prior to the shale revolution, prices for natural gas in the state hit $10.66, but have since dropped under $4. Broken down, residential users saved around $15 billion, while commercial and industrial users saved more than $25.3 billion.

“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.”

CEA concluded that the results show Ohio lawmakers should continue supporting Ohio energy production through the development of natural gas. Its usefulness extends beyond mere cost savings. The CEA report also found that in the last seven years, employment from the shale industry has topped 389,000 people, while average wages across shale-related industries have reached $98,613.