Last week, Governor Ed Rendell shared some good news with the citizens of Pennsylvania: companies bidding to develop the huge natural gas reserves in the Marcellus Shale will pay $128.4 million for drilling rights on 32,000 acres of state land. The sum is more than double the amount officials originally anticipated.
“Now, we can walk into next year with $68 million in unanticipated oil and gas revenues. This will certainly make a difference in what will likely be another very challenging budget year,” the Governor said.
“Pennsylvania’s Marcellus Shale natural gas reserve is extremely valuable and we have taken—and will continue to take—a responsible approach to limiting exploration on state forest land,” Governor Rendell added. “This latest lease, however, demonstrates that good stewardship of natural resources is compatible with responsible fiscal policies. We should not subscribe to the false choice some insist we must make between the environment and the economy.”
In addition, the Governor noted that development of this domestic energy source will generate 26,000 full- and part-time jobs this year and as many as 100,000 jobs by the end of the decade.
“I believe that we must view natural gas exploration as a unique economic opportunity and as a critical part of America’s strategy to decrease our dependence on foreign oil and cut down our carbon emissions,” said Governor Rendell.
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