The Intelligencer / Wheeling News-Register
Posted Oct. 21, 2014
WHEELING – Two geology professors do not expect to see a slowdown in Marcellus and Utica shale drilling just because the price of oil dropped from a recent high of $107 per barrel in May to $82.75 Monday.
“Ten years ago, we thought $100 (per barrel) oil would be the end of the world. We adjusted. Now, we’ll adjust to this,” said Bernard Weinstein, a professor of economics at Southern Methodist University, following his Monday speech during the Ohio Trucking Association convention at Oglebay Park.
Weinstein said oil production from the Bakken Shale in North Dakota and the Eagle Ford Shale in Texas is powering the U.S. to soon become the world leader in oil production. Some Utica and Marcellus oil production adds to the domestic total, as drillers such as Gulfport Energy, Chesapeake Energy and Rice Energy have recorded oil production in West Virginia and Ohio. READ MORE