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Monday, November 13, 2017 at 10:30am to 12:00pm
The recent U.S. shale boom generated billions in royalty income for owners of oil and gas rights, which we use to study the local multiplier effect of shocks to private income. Each unanticipated royalty dollar received by county residents created an additional $0.48 in local income, mostly reflecting greater wage income. The full effect of royalties shifted local income distributions upward, decreasing low-income tax returns and increasing high-income returns. In aggregate, the total income effect was $66 billion in 2014, or 0.5 percent of U.S. personal income. Over the 2000 to 2014 period, royalties accounted for 70 percent of the local income effect of oil and gas development.
Jeremy G. Weber is an associate professor in the University of Pittsburgh’s Graduate School of Public and International Affairs. I direct the PhD program and the Shale Gas Governance Center and teach courses in quantitative methods and energy and environmental policy. My research cuts across energy, agriculture, the environment, and well-being. A native of Pennsylvania, home to the Marcellus Shale natural gas formation, I am interested in the consequences of oil and gas development and the policies governing it. And coming from an agriculturally rich region, I enjoy studying issues linked to farming, the environment, and rural households, in the U.S. and abroad.