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Tuesday, July 8, 2008

New Oil Boom Bigger Than 1880's Predicted In Area

By James Jones

The Wellsville Daily Reporter is reporting today a large scale oil and gas drilling operation that is awaiting approval in southern Allegany County in neighboring New York.

The story advances the possibility of an oil and gas boom rivaling the boom of the 1880's when oil was first discovered in the Bolivar-Richburg area.


Economic prosperity is a very serious possibility for an extended period of time, with all kinds of new jobs created, and housing needs developing, as people move here for good jobs.

Agents are leasing thousands of acres for potential drilling according to the articles in the paper today. The actual drilling is awaiting a revision in laws involving the spacing of wells. The wells would be drilled at much closer distances than currently permittted.

A newspaper report in Bradford, in McKean County, mentioned there were 50 oil and gas wells being drilled on a property in that area. High oil and natural gas prices and new technology may propel this general area into unprecedented economic prosperity, as these old oil fields are revitalized.

To read these articles in the Daily Reporter click here...

Read more on this subject in the Olean Times Herald....

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