Shale Gas Drillers Open Political Offensive in Beaver County
by Randy Shannon
February 26, 2010
Wall Street bankers are investing big bucks in gas drillers as they spread across the state buying up mineral rights and drawing up leases to establish drilling operations. Stock prices of Atlas Energy, Range Resources, and Cabot Oil and Gas are soaring as they race to accumulate ownership of the enormous shale gas deposit in western Pennsylvania.
There are two big issues arising from the exploitation of the state’s shale gas resource. One issue is fair taxation that remunerates the people of the state for the loss of a resource that cannot be replaced. This is the gas severance tax that drillers pay to all states with substantial gas drilling. The other is protection of our water supply without which our property is worthless and our lives are at risk.