On the recordAugust 2, 2013
This week, I have shared multiple accounts of testimony delivered before the bipartisan Natural Gas Caucus during a field hearing last week in Williamsport, Pennsylvania. While I have discussed the extensive job growth and revenue increases for the Commonwealth, today I rise to share the benefits to property owners who have leases above the vast Marcellus natural gas play. Between 2008 and 2010, landowners in two rural, northern tier counties in Pennsylvania earned over $550 million. As of July 2013, the lifetime royalties for wells already drilled in these counties are projected to exceed $7 billion. Property values in these counties have increased to a level greater than 47 percent of the national average increase between 2006 and 2012, which was during the height of the recession. Perhaps most importantly, there are now, more than ever, greater prospects for future generations of Pennsylvanians. Natural gas development has allowed Pennsylvania's young workers to find high- paying, family sustaining jobs in the Keystone State, where they can continue to live and build stronger communities. ____________________
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