Hold on to your hats, folks! Last week saw a massive surge in shale well permits across Pennsylvania, Ohio, and West Virginia – a whopping 60 permits issued! This is a significant jump, especially considering the previous week's paltry 8 permits. It's the highest number we've seen in a single week since we started tracking these permits. But, as they say, the devil is in the details...
The numbers break down like this: 22 permits went to Pennsylvania, 24 to Ohio, and 14 to West Virginia. However, before you get too excited about Ohio's numbers, there's a slight caveat. The Ohio Department of Natural Resources (ODNR) played a bit of catch-up, reporting permits that spanned a three-week period. Apparently, Ohio didn't issue permits for two weeks straight, but they did issue them, just didn't report them.
So, this report includes 6 permits that were previously unreported. Subtracting those from the total still leaves us with 54 permits issued last week, which is still a record-breaker! Could this sudden surge be connected to the rising spot price of natural gas in the M-U?
This brings up a question: What do you think is driving this increase in permits? Share your thoughts in the comments below!
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