more money will flow into local economies from gas royalty payments(1)
The freight railroad, which runs 35 miles north to Corning, New York, had its busiest year in more than two decades in 2009, fueled by demand from a booming natural gas industry Sony VGP-BPS9 battery , which uses sand in hydraulic fracturing operations.
Revenue doubled last year for Wellsboro & Corning Railroad, owned by Tom Myles and sons Tom Jr. and Bill, and the sand-hauling contracts that began a year ago are due to double revenue again in 2010 and make up 80 percent of Dell inspiron 1526 battery business.It's a windfall for the Myles -- who bought the railroad's rolling stock for $750,000 in January 2008, expecting to serve two local manufacturing companies -- and for Wellsboro, which has a population of about 3,200, and its surrounding farms.
The boom has also transformed the lives of some local farmers who, after struggling financially for years, now find themselves with six- or seven-figure checks from the gas companies in return for leasing their land for drilling of Sony VGP-BPS8 battery .Tim Gooch, a partner in the Wellsboro office of the accounting firm ParenteBeard LLC, recalled a dairy farmer client who had run up about $500,000 in debt over 20 years because of depressed milk prices and rising farm costs.
But then in 2008, the farmer got a gas-lease check for $800,000, allowing him to pay off his debts and own his 300 acres outright for the first time, Gooch said."Some of them have had tears in their eyes, thinking they may have to give up the farm to Dell inspiron 1521 battery ," said Gooch. "The gas checks have allowed them to stay on their land."
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