COLUMBUS, Ohio (AP) — Geology experts tell The Associated
Press that Gov. John Kasich’s claim that a single energy
company could recover $1 trillion worth of oil and gas from Ohio shale
is an exorbitant overestimate.
At current oil prices, the figure
represents more than four times U.S. oil production last year. Viewed
another way, every drop of oil produced in America over the next four
years would be worth roughly $800 billion.
Kasich traces the
often-repeated figure to a conversation with an energy company CEO. He’s
never identified the source. Spokesman Rob Nichols declined this week
to name the individual, while emphasizing the Republican governor simply
relayed what he’s been told.
The worth of the deposits is relevant as Kasich seeks a tax increase on big drillers to fund statewide
income-tax relief.
Copyright 2012 The Associated Press.
COLUMBUS, Ohio (AP) — Geology experts tell The Associated
Press that Gov. John Kasich’s claim that a single energy
company could recover $1 trillion worth of oil and gas from Ohio shale
is an exorbitant overestimate.
At current oil prices, the figure
represents more than four times U.S. oil production last year. Viewed
another way, every drop of oil produced in America over the next four
years would be worth roughly $800 billion.
Kasich traces the
often-repeated figure to a conversation with an energy company CEO. He’s
never identified the source. Spokesman Rob Nichols declined this week
to name the individual, while emphasizing the Republican governor simply
relayed what he’s been told.
The worth of the deposits is relevant as Kasich seeks a tax increase on big drillers to fund statewide
income-tax relief.
Copyright 2012 The Associated Press.