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The Impact of Energy Production on Farmland Markets: Evidence from New York's 2008 Hydraulic Fracturing Moratorium

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  • Jennifer Ifft and Ao Yu

Abstract

Future conventional and renewable energy production will predominantly occur on farmland, resulting in economic gains as well as potential negative externalities for farmland owners and rural communities. However there is limited research on the economic impact of energy production that takes place on farmland. This study uses the discrete change in expectations caused by the 2008 New York State moratorium on hydraulic fracturing to investigate the net impact of shale gas development on farmland values. We use a difference-in-differences empirical design with a hedonic pricing model. We find that the moratorium led to net economic losses for rural landowners in New York's Southern tier, as reflected in farmland values declining approximately $1,400/acre.

Suggested Citation

  • Jennifer Ifft and Ao Yu, 2021. "The Impact of Energy Production on Farmland Markets: Evidence from New York's 2008 Hydraulic Fracturing Moratorium," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 133-152.
    • Handle: RePEc:aen:journl:ej42-3-ifft
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    Cited by:

    1. Grout, Travis & Ifft, Jennifer & Malinovskaya, Anna, 2021. "Energy income and farm viability: Evidence from USDA farm survey data," Energy Policy, Elsevier, vol. 155(C).

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    JEL classification:

    • F0 - International Economics - - General

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