Sunday, May 3, 2015

Dept. of I Told You So

Inquirer confirms what I reported 10 weeks ago -- fracking boom has gone bust

Dept. of I Told You So

It was only 10 weeks ago that I wrote a story for the Daily News headined "Pa. Fracking Boom Goes Bust." To me, the evidence was clear: The number of new wells was down 50 percemt, hiring had slowed, motel rooms were vacant, but some industry leaders were apopletic. A couple of them wrote letters to the editor attacking me. No one else was reporting this!

Until yesterday's Philadelphia Inquirer:

WILLIAMSPORT, Pa. - The Marcellus Shale industry, which arrived in this northern Pennsylvania city five years ago and turned Williamsport into the seventh-fastest-growing area in the nation, appears to have lost some momentum.

Economic activity in this city affectionately known as "Billtown" has subsided noticeably in the last year as the pace of drilling natural gas wells slowed in response to low gas prices.

Statewide, exploration companies drilled 30 percent fewer wells in 2012 and are on course to drill even fewer this year. About half as many drilling rigs are operating in Pennsylvania now as in early 2012, when the rigs began moving to more lucrative oil-producing regions.

So remember, the next time you think I'm wrong about something -- and you will -- I may be just 10 weeks ahead.

Or I could just be wrong.

About this blog
Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.


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