06/22/2007: "The Icing on the Cake".
"In 2007, our analysis of the impact of the Barnett Shale indicated it was like ‘icing on the cake’ for the already healthy Fort Worth-area economy. This year, we found that activity in the Barnett Shale is making an even bigger difference, with expansion in benefits surpassing expectations." (Perryman, 2008, p.5.)
-Dr. M. Ray Perryman.
See: The Perryman Group. "Drilling for Dollars: An Assessment of the Ongoing and Expanding Economic Impact of Activity in the Barnett Shale on Fort Worth and the Surrounding Area." ( PDF 1.2MB, 2008)
Exploration, drilling, and production in the Barnett Shale natural gas field have transformed the Fort Worth-area economy with thousands of jobs and millions of dollars in investment.
...This huge surge in economic activity is generating sizable gains for local taxing authorities. The fiscal impact of the Barnett Shale stems from two primary sources: property taxes paid on oil and gas properties and enhanced retail sales and real estate development due to the economic impact of the Barnett Shale. Our analysis indicates that the total direct and indirect revenue to local governments in the region (excluding royalty and lease payments) was about $227.7 million as of 2006, and will likely increase in the future.
A follow-up to the prediction Perryman offered in 2007 for Ft. Worth did not look as rosy. Read this report from the Ft. Worth Business Press, September 21, 2009. Dan McGraw. "Cut Out." Ft. Worth Weekly. September 2, 2009. (Neil Zusman, 2010-08-20.)
See: ECONOMIC BENEFIT? REALLY?
As the horrific truth about the dangers of fracking continue to come to light, economist (and Catskill Citizens member!) Jannette Barth, Ph.D., continues to deconstruct the myth that drilling will be a boon to local communities and the state. Her latest report points out distortions and misstatements in the industry- funded studies that tout the economic benefits of fracking.