Chesapeake Energy To Slash Marcellus Shale Drilling

01.24.12 | Sarah Harnisch

The nation's second largest natural gas producer says it's slashing drilling in the United States by 45 percent. Their cuts will impact how much profit is made in Pennslyvania, and possible New York, if it allows Marceullus Drilling. Chesapeake Energy helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. But federal and private forecasters predict and oversupply that will last for year. On Monday, the gas company said it will cut spending on natural gas by 2-billion-dollars, and divert the money into more profitable oil, which is trading at 100-dollars a barrel. Chesapeake alone is responsible for 9-percent of all natural gas drilling in America.