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Summary

The future of the major international oil companies (IOCs) – BP, Chevron, ExxonMobil, Shell andTotal – is in doubt. The business model that sustained them during the 20th century is no longer fit for purpose. As a result, they are faced with the choice of managing a gentle decline by downsizing or risking a rapid collapse by trying to carry on business as usual.

Who Pays the Cost of Fracking?

Weak Bonding Rules for Oil and Gas Drilling Leave the Public at Risk.

Authors: Tony Dutzik, Benjamin Davis and Tom Van Heeke from Frontier Group and John Rumpler from Environment America Research & Policy Center - 2013

Schroeders Research Paper - A review of the challenges facing the shale energy industry. April 2014.

Author: David Buchan - July 2013.

Shale gas is a divisive issue in Europe because it highlights the growing tension between the EU’s energy and climate policies.

Authors: Lucija Muehlenbachs, Elisheba Spiller, Andrew Steck and Christopher Timminsy - February 15, 2015

September 2010, A report by Craig Michaels, Watershed Program Director, James L. Simpson, Senior Attorney and William Wegner, Staff Scientist

Homeowners, be aware! That fine print in your homeowner’s insurance policy could really matter if hydraulic fracturing damages your home sweet home. Fracking-related damage, insurance industry insiders say, is not covered under a standard homeowner’s insurance policy. Neither is damage caused by floods, earthquakes or earth movement, which insurers call exclusions.

Author: Amy Alcock - March 2013.

A Market Approach to Regulating the Energy Revolution: Assurance Bonds, Insurance, and the Certain and Uncertain Risks of Hydraulic Fracturing by David A. Dana & Hannah J. Wiseman

In this paper we review the phenomena of hydro ‘‘fracking’’ operations for oil and gas in the United States. We provide background information on fracking, a summary of federal and state fracking disclosure and management regulations, and an evaluation of the potential surface and subsurface effects.

Report for European Commission DG Environment - AEA/R/ED57281 Issue Number 11 Date 28/05/2012

Exploration and production of natural gas and oil within Europe has in the past been mainly focused on conventional resources that are readily available and relatively easy to develop. This type of fuel is typically found in sandstone, siltstone and limestone reservoirs. Conventional  extraction enables oil or gas to flow readily into boreholes.

As one of the least economically diverse states in the nation, West Virginia relies heavily on its natural resources for revenue. Funds from these resources fluctuate and, one day, will be gone. As the Marcellus “Gold Rush” comes to West Virginia, it is time for policymakers to consider establishing a permanent mineral trust fund in West Virginia, similar to what six other states have done.

How Can Energy Fund OUR Future?

On February 13, 2012 Executive Director Ted Boettner presented at the Annual Conference of the West Virginia Association of Counties on the benefits of an economic diversification fund in West Virginia. Such a fund would provide revenue for the state during times of economic slowdown which can especially hard-hitting to local and county governments and school systems.

This policy memo is a comparison of how West Virginia and Wyoming tax their mineral resources.  While there are similarities, there are also many differences. This paper continues the discussion of how states which are reliant on extractive industries can make policy decisions, like the creation of a permanent mineral trust fund, and how those decisions can impact state budgets for years to come.

Within the next decade, Pennsylvania is poised to enjoy a natural gas development boom. Long-term projections of rising natural gas prices and the advent of advanced drilling techniques have made it economically feasible to extract natural gas from the Marcellus Shale, a deep geologic formation that underlies 54 of the 67 counties of Pennsylvania.

Pennsylvania has a long history of supplying the nation with natural gas that provides energy for cooking, heating, and other important uses. Only Texas has more currently active wells.

The Pennsylvania General Assembly is drafting legislation to institute a severance tax on the natural gas extracted from the Marcellus Shale formation. The state budget for Fiscal Year 2010-11 set a deadline of October 1, 2010 for enactment of a severance tax that would take effect in January 2011. No revenue from the tax was included in the final budget agreement.

People and businesses contribute to public services in the state, to police, fire protection, schools, roads, clean water, and all the things we need. We pay taxes. We pay income and sales taxes and businesses pay business taxes.

Virtually every state in the nation with mineral resources, including natural gas, oil, coal, and even sand, collects revenue from the companies that extract these finite resources. Severance taxes provide these states with an important source of funding for investments in education, colleges, transportation, and other infrastructure that help to build a strong economy.

This report explores how revenue from a fracking tax could bolster vital public services if it is not used to finance income tax cuts that would mostly benefit wealthy Ohioans, as Gov. John Kasich has proposed. The Ohio General Assembly should consider an adequate tax on oil and gas extraction to help restore local jobs, schools and services and assist communities impacted by drilling.

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