The shale gas boom in Ohio has created a resounding echo across the state’s economy, positively impacting producers, steel companies, chemical manufacturers — even local restaurants like the newly opened Shale Tavern & Grille in Lisbon, OH.
And now, banks are becoming the latest Ohio success story, thanks to inexpensive and reliable supplies of natural gas.
As The Vindicator recently reported, the time is right to bank on shale gas, and banks are happy to be financing a high-growth industry. “The banking industry in region realizes a surge in deposits because of shale,” the headline trumpeted. And businesses and commercial entities alike are seizing the opportunity to expand.
Vincent J. Delie Jr., CEO of First National Bank told the paper:
There is a ripple effect that begins with the large gas companies and eventually impacts the entire supply chain, including fabricators, transportation companies, the hospitality industry and other industries that supply ancillary services. We have definitely seen more capital flowing into the region, and local businesses are taking advantage of expanded opportunities.
Based on its experience in Pennsylvania with Marcellus Shale, First National Bank expects to see commercial loans and deposits continue to grow as businesses expand in the area.
As the seventh-largest chemical producing state in the country, Ohio has already begun to reap the economic benefits of increased shale gas development, since chemical manufacturers rely on the ethane-rich energy source to create everyday products, like plastics. Ohio currently enjoys $28 billion in revenue and 42,000 jobs, thanks to the chemical industry’s presence there.
Potentially, with companies investing in new chemical projects across the state and country, the best is yet to come.