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Analyzing the Risk of Transporting Crude Oil by Rail

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  • Charles F. Mason

Abstract

In this paper, I combine data on incidents associated with rail transportation of crude oil and detailed data on rail shipments to appraise the relation between increased use of rail to transport crude oil and the risk of safety incidents associated with those shipments. I find a positive link between the accumulation of minor incidents and the frequency of serious incidents, and a positive relation between increased rail shipments of crude oil and the occurrence of minor incidents. I also find that increased shipments are associated with a rightward shift in the distribution of economic damages associated with these shipments; the implied marginal impact of an additional 1,000 rail cars carrying oil between two states in a given month is $1,836. In addition, I find larger average effects associated with states that represent the greatest source of tight oil production.

Suggested Citation

  • Charles F. Mason, 2018. "Analyzing the Risk of Transporting Crude Oil by Rail," NBER Working Papers 24299, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:24299
    Note: EEE
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    Cited by:

    1. Tang, Chuan & Czajkowski, Jeffrey & Heintzelman, Martin D. & Li, Minghao & Montgomery, Marilyn, 2020. "Rail accidents and property values in the era of unconventional energy production," Journal of Urban Economics, Elsevier, vol. 120(C).

    More about this item

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources

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