Month – August 2011

Gas lease, royalty income taxes top $100 million

From the PITTSBURGH TRIBUNE-REVIEW: Pennsylvania landowners are paying hundreds of millions of dollars in income taxes on money earned from Marcellus shale gas activity, and the tax revenue, like the drilling, is growing fast… Since the shale gas rush started in Pennsylvania in 2005, drillers have bored more than 3,700 wells into the gas-rich Marcellus rock layer, a mile or deeper underground, according to the Department of Environmental Protection.

The chance for hurricane condition range from 12% to 22%; Tropical storm, from 86% to 92%

NATIONAL WEATHER SERVICE (12:20 PM SATURDAY): SITUATION OVERVIEW…HURRICANE IRENE IS FORECAST TO TRACK NORTHWARD ALONG THE EAST COAST…WITH THE CENTER OF THE HURRICANE PASSING VERY CLOSE TO THE COASTS OF DELAWARE AND NEW JERSEY FROM LATE TONIGHT INTO SUNDAY MORNING. THE STORM WILL BRING DAMAGING WINDS…TORRENTIAL RAIN WITH DANGEROUS FLOODING…AND COASTAL FLOODING.
OVERALL…6 TO 10 INCHES OF RAINFALL IS EXPECTED WITH A FEW LOCATIONS RECEIVING OVER 12 INCHES. HEAVY AND POSSIBLY RECORD SETTING RAINFALL AMOUNTS THROUGH SUNDAY WILL LIKELY RESULT IN MAJOR FLOODING ACROSS PORTIONS OF NEW JERSEY…EASTERN PENNSYLVANIA…DELAWARE AND NORTHEASTERN MARYLAND. SMALL CREEKS AND STREAMS ARE HIGHLY SUSCEPTIBLE TO FLASH FLOODING. THE RARITAN AND SCHUYLKILL RIVERS HAVE THE POTENTIAL TO REACT RATHER QUICKLY AND ARE HIGHLY SUSCEPTIBLE TO FLOODING. THE DELAWARE…SUSQUEHANNA AND PASSAIC RIVERS REACT MORE SLOWLY. HOWEVER…THEY ALSO ARE HIGHLY SUSCEPTIBLE TO FLOODING FROM THIS RAINFALL EVENT.
…HURRICANE WARNING REMAINS IN EFFECT…

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