TOWANDA, PA – Vince Arena has a commanding view of Route 6 from Moore’s Auto Showroom. Since 2006, he has seen the traffic on the two-lane road swell with the region’s gas boom until it is bumper-to-bumper, light-to-light for miles just about all day.
Every few seconds, a tractor-trailer hauling water or massive pumps to or from drill sites rumbles past. For the last few weeks, however, Mr. Arena has been able to pull out from his lot without relying on the kindness of other motorists to let him out.
In January, one of the region’s largest gas drillers, Chesapeake Energy Corp., announced it would reduce its rig count in the region. Its rig count will go from 75 to 24, drilling fewer new wells and reducing the flow from existing wells. Other companies made similar announcements.
The investment represents nearly a 50 percent increase over what it spent last year on new transmission lines, poles and substations, the company announced Friday.
More than 400,000 PPL customers lost power in August after the remnants of Hurricane Irene swept through eastern Pennsylvania. And an October snowstorm cut power to 388,000 PPL customers, nearly half of whom were in the Lehigh Valley. Nearly 10,000 in the Lehigh Valley had no electricity for six days after the snow.
WASHINGTON (Reuters) – Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.