In an article by the Associated Press, it was estimated that horizontal drilling produced $1.2 billion of earnings in West Virginia last year. With Pennsylvania producing $3.5 billion, West Virginia is climbing the charts as a strong producer of natural gas.
A horizontal drilling well in Tyler County produced 7 million cubic feet of natural gas in one day. Also produced were 650 barrels of valuable liquids including: ethane, propane, butane, and pentane.
The new gas production has caused prices to fall to $2.50 per 1,000 cubic feet – while the cost was previously $6 per 1,000 cubic feet. The availability of the natural gas is expected to undercut coal, which will cause other various industries to use natural gas.
The Associated Press reported:
“Experts say that a sharp drop in wholesale prices over the past year means that, in the future, much more money will be made — and more jobs created — by petrochemical companies that process the gas into other industrial and consumer compounds.”