CHARLESTON, W.Va. – Since the development of Marcellus Shale over the last ten years, the amount that consumers have paid for natural gas in the Mountain State’s homes and businesses has tumbled $4.3 Billion (in 2016 dollars).
Data from the Energy Information Administration shows dropping prices for natural gas consumer at all levels including residential, commercial and industrial users.
Anne Blankenship, Executive Director of the West Virginia Oil and Natural Gas Association is thrilled to see how natural gas development in West Virginia is paying off in a big way. “Merry Christmas, West Virginia! First, we learned of the huge China Energy deal of $83.7 billion to be invested here, and now we see how much money the industry is saving West Virginians across the state,” Blankenship said.
Since the development of shale gas in West Virginia a decade ago, residential customers have saved a remarkable $1.57 billion statewide. Rates have dropped for commercial and industrial energy consumption as well, totaling about $1.38 billion (commercial) and $1.32 billion (industrial) in savings on their gas bills.
Billions of dollars have been invested in West Virginia’s natural gas industry for development that has lead to enormous economic impact. The state has considerably more natural gas than it can use, sitting atop the second largest gas field in the world.
“When you look at the trend year by year, you can see that the savings for all West Virginians just keep growing,” said Blankenship. “And, when you add it all up, that number is impressive.”
Study compiled from data of the United State Energy Information Administration. Prices indexed for inflation using the Consume Price Index. Findings reviewed by Regional Quantitative Analysis Group (http://www.rqagrp.com).