The Housing Market Impacts of Shale Gas Development
Using property value data from New York and Pennsylvania to look at the impacts of proximity to a shale gas well on home values, experts find that the effects differ depending on whether homes have access to piped water versus well groundwater. (Published in the American Economic Review)
Using data from New York and Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from shale gas development that vary with geographic scale and water source. Results indicate large negative impacts on nearby groundwater-dependent homes, while piped water-dependent homes are positively impacted by proximity (although by a smaller amount), suggesting an impact of lease payments. At a broader geographic scale, we find evidence that new wellbores can increase property values, but these effects diminish over time. Undrilled permits, conversely, may cause property values to decrease.
Media Highlight — May 12, 2022
S&P Global: "Capacity Markets, though Flawed, Seen as Critical in US Energy Transition"
This story details a May 11 RFF Live event on capacity markets, as well as a new book on the same topic coauthored by RFF University Fellow Todd Aagaard.
On the Issues — May 6, 2022
On the Issues: Climate Disclosure Rule, Volatile Oil Markets, and More
A biweekly newsletter connecting global current events, pressing climate and energy policy news, and economics research from RFF scholars. This week: a proposed climate disclosure rule, volatile oil markets, and more.