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Geographic dispersion of economic shocks : evidence from the fracking revolution

Author: James Donald Feyrer; Erin Mansur; Bruce Sacerdote; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 21624.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The combining of horizontal drilling and hydrofracturing unleashed a boom in oil and natural gas production in the US. This technological shift interacts with local geology to create an exogenous shock to county income and employment. We measure the effects of these shocks within the county where production occurs and track their geographic propagation. Every million dollars of oil and gas extracted produces $66,000  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: James Donald Feyrer; Erin Mansur; Bruce Sacerdote; National Bureau of Economic Research,
OCLC Number: 924244362
Notes: "October 2015"
Description: 1 online resource (36, xi pages) : illustrations, map.
Series Title: Working paper series (National Bureau of Economic Research), no. 21624.
Responsibility: James Feyrer, Erin T. Mansur, Bruce Sacerdote.

Abstract:

The combining of horizontal drilling and hydrofracturing unleashed a boom in oil and natural gas production in the US. This technological shift interacts with local geology to create an exogenous shock to county income and employment. We measure the effects of these shocks within the county where production occurs and track their geographic propagation. Every million dollars of oil and gas extracted produces $66,000 in wage income, $61,000 in royalty payments, and 0.78 jobs within the county. Outside the immediate county but within the region, the economic impacts are over three times larger. Within 100 miles of the new production, one million dollars generates $243,000 in wages, $117,000 in royalties, and 2.49 jobs. Thus, over a third of the fracking revenue stays within the regional economy. Our results suggest new oil and gas extraction led to an increase in aggregate US employment of 725,000 and a 0.5 percent decrease in the unemployment rate during the Great Recession.

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