YOUNGSTOWN, Ohio (WKBN) – The oil and gas industry has had a tough year, but Youngstown city leaders say they think the new year will bring a rebound.
Thursday, the city of Youngstown approved splitting taxes with Campbell and Girard from two oil and gas businesses.
Vallourec paid $1.4 million in taxes into Youngstown, and about $160,000 of that will go to Girard.
Income taxes are down for Vallourec from last year by about $225,000. Income taxes were at a high level in 2014, something Youngstown Finance Director David Bozanich expects to reach again.
He said the company is in the city for the long haul.
“They are seeing a little bit of an uptick. What we are seeing though is a lot of the connectivity in the natural gas business. It’s starting to help all of the oil and gas guys in the area,” Bozanich said.
From Youngstown Pipe and Supply, Youngstown and Campbell split $44,000.