Money Archives - Page 25 of 27 - Pittsburgh Quarterly

John Dionise knows Santa would be jealous. Rather than flying a sleigh all over the place this Christmas season, trying by sight to find each and every home where a gift is to be delivered, the drivers who work for Dionise out of a Sewickley station for FedEx Ground—the growing, Moon Township-based division of FedEx …

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Business

The Marcellus Shale Dilemma

by Seamus McGraw

A blistering July—the hottest on record—vaporized heat records in thousands of communities across the country. A historic and prolonged drought settled across a vast swath of the southern and central United States, devastating corn crops and threatening to send the cost of everything that depends on it—from baby food to burgers to the ethanol we …

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Business

The Future of the Marcellus Shale

by Seamus McGraw

After eight years of unprecedented expansion, the natural gas industry in Pennsylvania is now weighed down by its own success, analysts say. Struggling with a market that is being flooded with more natural gas than it can bear, the industry is optimistically predicting that new markets in transportation, home heating, chemical manufacturing and other industries …

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Innovation

Quantum Couple

by Tom Imerito

He grew up in Manhattan; she, in Patna, India. Both were taken with the way physics accounts for the world around them. After completing undergraduate studies at Harvard and the Indian Technology Institute, respectively, they met as first-year physics doctoral students at the University of California, Santa Barbara. Upon arrival she found herself the sole …

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Business

An Industrial Renaissance

by Evan Pattak

When the reserves of Marcellus Shale gas in the tri-state area proved vast—84 trillion cubic feet by one estimate—it was no surprise when the region became the epicenter of a thriving new industry. What may have been unexpected was the extent to which the Marcellus boom would invigorate the economy generally. The availability of cheap, …

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Business

The Problem of Price

by Seamus McGraw

From the moment the rush began to develop the vast untapped resources of gas trapped in the Marcellus Shale, economists and industry analysts warned that the massive explosion of cash that was pouring into the state—and in many cases right back out of it—would ebb and flow. There would be times of expansion, when drillers …

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Money

Financial Focus

by PQ Staff

2011 was a year of historically low interest rates, wide stock-price fluctuations and concerns about a faltering U.S. recovery and the European debt crisis. And the Standard & Poor’s 500 ended 2011 just four one-hundredths of a point from where it began. But in this year’s first quarter, the S&P posted a 12 percent gain …

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Business

Show Me the Money

by Seamus McGraw

It was hailed as a game changer. Almost immediately after the first Marcellus Shale natural gas well was spudded in a rocky hilltop in Washington County, unleashing for the first time a vast cache of domestically produced energy, the discovery was hailed as the harbinger of a revolution in energy production that would pump upwards …

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Business

Faces of the Marcellus Shale

by John Beale

In the past several years, ancient organic matter trapped more than a mile beneath the surface of the earth has changed life in Greater Pittsburgh. The vast deposits of natural gas deep in rock are known collectively as the Marcellus Shale. The Marcellus has softened the Great Recession and brought a cash infusion to previously …

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Innovation

The Genius of Pitt

by Cristina Rouvalis

Kevin Guskiewicz has been called a genius for discovering the link between on-field head hits to football players and damage to their brains; findings that once put him at odds with the mighty National Football League. But here’s the thing about the Latrobe native, who recently won a 2011 MacArthur Fellowship, commonly called a “genius” …

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Business

The Utica Shale

by Seamus McGraw

A century and a half ago, a desperate, down-on-his-luck former railroad man named Edwin Drake wandered into a remote hollow in northwestern Pennsylvania and stuck a drill a few dozen yards down into the rocky soil. After a few false starts, Drake and his men struck a cache of crude oil that, while small by …

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Business

Labor Management

by Bette McDevitt

Against a backdrop of high national unemployment and concern about U.S. dependence on foreign energy, Richard Trumka, former president of the United Mine Workers and current president of the AFL-CIO, and Nicholas DeIuliis, president of Consol Energy, met in the second of a series of labor-management discussions sponsored by the Community College of Allegheny County. …

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Retirement

The New Retirement

by Matt Stroud

After 17 years as editorial assistant at the weekly Valley Mirror newspaper in Munhall, Marilyn Schiavoni’s boss informed her last year that he planned to retire and sell the newspaper. Marilyn was 62, and the prospect worried her. Would the new owner let her keep her job? If yes, would she get along with the …

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Money

Blockbuster!

by Sean D. Hamill

There were no hidden tape recorders, car chases or safe houses involved, but you can almost hear the theme music from “Mission Impossible” when Gary Saulson, PNC’s director of corporate real estate, describes the steps he took to veil PNC’s purchase of almost a block of downtown Pittsburgh. The transactions along Wood Street between Fifth …

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Innovation

Breakthrough

by Matt Stroud

On a hot afternoon in late summer 2010, a man in his 30s drove an all-terrain vehicle on an unpaved path. He was doing nearly 40 miles per hour on rough terrain. And though he was strong—a construction worker by trade—his ATV hit a bump for which he wasn’t prepared. He drove off the road. …

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Business

A Natural-Gas Ponzi Scheme?

by Seamus McGraw

It was, on the surface, a devastating indictment: a report in The New York Times, the nation’s leading newspaper, alleging that the natural gas industry—an eclectic and fiercely competitive collection of players that included in its ranks everyone from cowboy drillers to staid overseas nationals like StatOil Hydro—may have joined together in a secret cabal …

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Business

Middle East Connection

by Sean D. Hamill

For 18 years, the Columbia, Md.-based engineering and construction firm Allen & Shariff grew quickly in the mid-Atlantic area, opening its Pittsburgh office in 2000, and looking to expand internationally. It had enough success with projects in the United Arab Emirates that it opened an international office in 2008. But it couldn’t break into another …

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Business

A Toxic Topic

by Seamus McGraw

There is no doubt about it. The Marcellus Shale is radioactive, in every sense of the word. In the literal sense of the word, geologists and drillers have long known that each shale deposit has its own radioactive signature. In fact, they have often measured that radiation—from uranium, thorium, radium 226 and radium 228—and used …

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Retirement

A Touch of Gray

by Christine O'Toole

A thick report called “Boomers in the ’Burgh” arrived the other day, proposing that the city pitch AARP candidates on retiring here. The newest twist on the most-livable-city theme rang a bell. Back in the day, I wrote copy for a local inventions marketing firm, detailing the vast potential for improbable new ideas at $25 …

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Business

Politics and the Marcellus Shale

by Seamus McGraw

It was Nov. 3, one day after the stunning midterm elections that had routed the Democrats and left the party in disarray both nationally and in Pennsylvania. The political landscape was still smoldering when Karl Rove, one of the key architects of that Republican victory, stepped to the podium in a Pittsburgh conference center and …

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Innovation

Finding New Ways

by Matt Stroud

It’s around noon, and the winter sun shines on Fanny Edel Falk Elementary School at the top of the hilly University of Pittsburgh campus. Through a window facing southeast from one of Falk’s language arts classrooms, it looks as if you can see forever—toward Pittsburgh’s east suburbs and beyond. Many of the students seem keenly …

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Business

Our Water and the Marcellus Shale

by Seamus McGraw

The rig, a 70-foot steel spire, soared above the manmade moonscape atop the plateau that Chesapeake Energy’s contractors had hewn out of the hillside on my family farm in Wyoming County. And as my 8-year-old daughter and I trekked along the ridge above it to get a better look, I was struck with an odd …

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