Economics

Experts have repeatedly warned that the PTTGC cracker plant will not bring the previously forecasted jobs boom to the area. 

Why, then, are the Ohio Valley and the state of Ohio continuing to invest in a failing business model? JobsOhio, Ohio's economic development arm, has granted over $70 million for site cleaning and preparation. The plant is not even guaranteed to be built or last long. No one is sure how much longer the fracking industry will last. Economists and financial analysts warn in this report, and also here, that there are many forces currently working against PTT Global, including the current economic slow-down, the tanking oil and gas industry, and the world-wide decrease in demand for plastic products.

 

A 2017 economic impact study from the American Chemistry Council paints a glowing picture of jobs growth and economic development accompanying a buildout of petrochemical facilities in Appalachia. But, we’ve been here before. We were told the same thing about the Appalachian natural gas fracking boom, which has been a mixed bag at best. Counties such as Belmont and Jefferson in Ohio have seen employment losses of greater than 10 percent. In most places touched by the fracking boom, the game hasn’t changed and, in some cases, it’s gotten noticeably worse. A recent report from the Ohio River Valley Institute explains the faulty economic studies the industry peddles in order to convince political officials to invest in a dying industry.

Our leaders should be investing in renewable, sustainable technologies and industries and putting support towards small businesses, education, health care and agriculture -- not this boom-bust industry that is not guaranteed to last. Not an industry that would harm way more people than it would benefit. Not an industry that send profits to overseas corporations. This is clearly an environmental justice issue. The Valley is struggling economically. Many people are desperate for jobs. This is not the answer.

The Institute for Energy Economics and Financial Analysis explains how fracking has been an economic "bust" and how  "green" energy infrastructure can supersede it.

Read More:

INSTITUTE FOR ENERGY ECONOMICS AND FINANCIAL ANALYSIS

INSTITUTE FOR ENERGY ECONOMICS AND FINANCIAL ANALYSIS

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THE WALL STREET JOURNAL

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