Crain’s Chicago reported today about the recent Illinois State University study that has examined the potential economic impact of the New Albany shale field in Illinois. The Study concluded that at the high end the potential impact is 47,312 jobs and $9.5 billion in economic impact. The study extrapolated off of economic results in Texas and Pennsylvania.
The study was conservative in that it only looked at “drilling costs” and does not include the economic impact of land leases and royalties, nor does it include the possibility that the state's shale field could hold extractable oil deposits similar to what was found in western North Dakota.
Shale energy is transforming the economies of North Dakota, Texas, Oklahoma, West Virginia, Pennsylvania and Ohio - even in the midst of difficult national trends. It appears that Illinois may have the resources to participate in this resurgence if there is the will in Springfield to put in place the necessary regulatory regime.