External Affairs Coordinator, Cabot Oil & Gas
Originally Posted 3/4/15 on Well Said Cabot – A Cabot community Blog
There are no better examples of Marcellus Shale impact fee success than Bradford and Susquehanna Counties, PA, as an interview with Tony Ventello reveals.
The tremendous economic impact of natural gas exploration in the Marcellus Shale is driving investments in the northern tier counties of Bradford and Susquehanna. Part of this economic revitalization is made possible by the impact fee, a reasonable tax on natural gas development across Pennsylvania. Most recent estimates put revenue from this impact fee at nearly $830 million. This money, though restricted in its uses, is going back to areas seeing the most activity. With Governor Wolf’s recent 5% severance tax proposal (closer to 7.5% if you do the math) the impact fee and its positive “impact” will disappear.
To help demonstrate the importance of the impact fee, Anthony (Tony) Ventello, Executive Director of the Progress Authority joined county commissioners and other economic development specialists from across the state to testify before the Senate Environmental Resources and Energy Committee (read his testimony here). As someone who has worked in Bradford and Susquehanna counties developing economic opportunity, Tony is uniquely qualified to discuss just how much the impact fee means and why its dissolution would be profoundly negative.
Cabot recently interviewed Tony where he shared his experiences with the Marcellus Shale in Pennsylvania. In this video he discusses the economic impact, philanthropic investments and the revitalization of many struggling regional industries.
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