G. Albert Shoemaker Lecture in Mineral Engineering

Speaker: William Fustos, Former Chief Operating Officer, East Resources

Title: "The Marcellus Shale: Economic Boom for Pennsylvania, Energy Security for the U.S."

Abstract: Since 1973, a term used frequently to describe our nation’s energy status and policy has been “crisis”.  We have lived with an actual or perceived energy crisis in the US for 40 years, including real or manufactured oil and gas shortages,  dependency on unfriendly foreign governments for our energy needs, and federal programs that many times did more harm than good.  The emergence of the Shale Plays of North America has finally provided the U.S. a real opportunity to take control of our energy future.  And because of Pennsylvania’s fortunate geology and the existence of the Marcellus and Utica Shales, our state is well positioned to be one of our nation’s energy leaders for the next century.

Since 2008, the Marcellus Shale industry has created an economic boom for Pennsylvania and several neighboring states.  Numerous oil and gas companies have moved into Pennsylvania providing jobs, revenues, and opportunities for our citizens that few imagined would have existed five years ago.  At the same time, the re-introduction of cheap energy into our state has provided incentive for many businesses to locate, relocate or expand operations within our borders.  Landowners in Pennsylvania, along with the Commonwealth itself are enjoying new revenues through oil and gas royalties, lease payments, and permitting and impact fees.  This lecture will cover the evolution of the Marcellus industry from 2004 through today, including the early work to define this resource, along with the current economic benefits to Pennsylvania as well as benefits to the energy security of the U.S.