房地产价值和风险:来自页岩开发的证据

C. Cecot
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摘要

在美国广泛的页岩地层中开采油气的盈利能力,催生了油气行业的繁荣。运营商正在推动在靠近人口和敏感资源的地方进行钻探,许多州正在通过法律来促进这种大规模的钻探,这些法律优先于当地的土地使用控制。一方面,页岩油生产有可能使当地的土地所有者致富,他们可以从运营商那里获得丰厚的特许权使用费。另一方面,页岩油生产并非没有潜在的当地风险。其中一些风险是投机性的,风险的大小是不确定的。本文利用宾夕法尼亚州华盛顿县的房地产销售数据发现,在一英里范围内增加一口水平井往往会增加房产的价值。然而,对于依赖私人水井获取饮用水的物业来说,这种积极影响就减弱了。此外,随着该县近期环境、健康和安全井违规数量的增加,所有附近有水平井的房产都失去了价值。
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Property Values and Risks: Evidence from Shale Development
The profitability of extracting oil and gas trapped within the nation’s extensive shale formations has generated a boom in the oil-and-gas industry. Operators are pushing to drill close to populations and sensitive resources, and many states are facilitating such extensive drilling with laws that preempt local land-use control. On one hand, shale production has the potential to enrich local land owners who can collect lucrative royalty payments from operators. On the other hand, shale production is not without potential local risks. Some of these risks are speculative, and the magnitudes of the risks are uncertain. Using property sales data from Washington County, Pennsylvania, this paper finds that an additional horizontal well within a mile of a property tends to increase the property’s value. This positive effect, however, is diminished for properties that rely on private water wells for drinking water. In addition, all properties with nearby horizontal wells lose value as the number of recent environmental, health, and safety well violations increases in the county.
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