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Environmental Hazards and Local Investment: A Half-Century of Evidence from Abandoned Oil and Gas Wells

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  • Max Harleman
  • Jeremy G. Weber
  • Daniel Berkowitz

Abstract

The United States may have more than 1 million abandoned oil and gas wells that were never properly decommissioned (plugged) and that may be leaking harmful liquids and gases. Exploiting the quasi-random assignment of well plugging in a large county in Pennsylvania, we find that over half a century—and in some cases over a century—the two acres around unplugged wells had roughly half as much building as around plugged wells. Further analysis suggests less local investment rather than shifting within a locality. Forgone investment, in turn, depressed property values by 12%.

Suggested Citation

  • Max Harleman & Jeremy G. Weber & Daniel Berkowitz, 2022. "Environmental Hazards and Local Investment: A Half-Century of Evidence from Abandoned Oil and Gas Wells," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 9(4), pages 721-753.
    • Handle: RePEc:ucp:jaerec:doi:10.1086/719383
    DOI: 10.1086/719383
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