Ohio’s Thriving Oil Industry Boosts Economy
When one thinks of the oil industry in America, one pictures oil derricks in Texas and Oklahoma. Or perhaps offshore platforms near the Gulf Coast. But Ohio?
It should not be surprising to hear that the Buckeye State has emerged as an important player in natural gas and oil exploration and drilling. Ohio is home to a rich petroleum past. In fact, the state was the nation’s largest crude oil producer during the late 19th century, known as the “Ohio Oil Rush”.
And today, the “oil rush” has returned to Ohio. Promising oil formations have been discovered, drilling is occurring in half of Ohio’s 88 counties, and almost a thousand permits for oil extraction were issued in 2014 alone.
One organization that has struck black gold in Ohio is Cunningham Energy an oil exploration and production company from West Virginia. Using its many years of expertise, state of the art technology, and responsible operating practices, Cunningham Energy has successfully been extracting Ohio oil for years. But it’s not only the individuals employed by Cunningham and others in the oil industry who are benefitting from this new petroleum bounty. Many Ohioans from all walks of life have obtained better lives through petroleum exploration and drilling.
Ohio has enjoyed much prosperity over the years through agriculture, mining, and steel manufacturing. Sadly, with the decline of these industries, the fortunes of the state as a whole slipped. Major companies closed and left the area. Ohio led the nation in unemployment. Once thriving communities became ghost towns as their inhabitants packed up and moved on. Today however, the flourishing oil industry has breathed new life not only in those communities, but throughout the state as well. Ohio’s unemployment rate has fallen by almost half, one of the nation’s best employment turnarounds.
The secret to Ohio’s economic comeback? It’s largely due to the arrival of and innovations within the oil industry. Shuttered factories are humming again, producing parts needed at drill sites. Steel mills are once again quite busy, producing the material that those parts are made of. New hotels are popping up, or reopening. Oil workers are looking for temporary housing, as are their visiting families. Eateries are finding themselves with a lot more mouths to feed these days. And vendors ranging from hardware stores to stationary shops are finding not only new customers, but old ones returning. As their financial outlooks improve, residents can began investing in their own communities again.
Nothing is certain in life, but given the results of exploration and drilling, oil producers and Ohio have formed a partnership that will result in Buckeye State benefits for years to come.