Tom DiChristopher | Javier E. David
The city best known for Rocky, cheese steaks and sharp-elbowed sports fans is developing a new reputation as a nexus of oil and gas transportation, which bodes well for its economy.
With little fanfare, Philadelphia is undergoing a revolution powered by the U.S. energy renaissance. Renewed investment and activity in the region’s sprawling railway network and aging infrastructure is turning the City of Brotherly Love into a potential energy hub that some believe can rival Houston.
Energy experts cite two major factors working in Philly’s favor: it’s proximity to the booming Marcellus Shale, where 5,400 shale wells churned out nearly 2 trillion cubic feet of natural gas during the first six months of the year; and the city’s bustling commercial railroad system, which has made it a transit point for oil being shipped from North Dakota’s Bakken formation.
Along the Northeast corridor, “there are maybe six distribution pipeline proposals for natural gas,” said Vincent Devito, a law partner at Boston-based Bowditch & Dewey. “A lot is intended for exports and the quickest and easiest way is through Philadelphia’s infrastructure.”
Read more: http://www.cnbc.com/id/102187185