Abstract
The U.S. shale boom of the mid-2000s traded off possible environmental damage and negative quality-of-life impacts against income gains and rents captured by workers and property owners. This study measures the effect of local shale oil and gas extraction on local land prices and wages. Using the timing of the boom and variation in extraction rates as a treatment across 2,141 counties from 2000 to 2010, I find that counties with oil and gas activity experienced employment and wage increases of 4% and 3.8% respectively, while house values are no different relative to counties without shale energy resources. However, among the set of energy producers, high-output counties experience gains all three outcomes relative to low-output counties. My results imply a per-capita willingness to pay of approximately $425 for a 1% reduction in total energy produced in-county.
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