TV News LIES

Friday, Jul 31st

Last update05:10:05 AM GMT

You are here News Environment U.S. drilling boom leaves some homeowners in a big hole

U.S. drilling boom leaves some homeowners in a big hole

E-mail Print PDF

fracking boomThe United States has a long history of keeping industrial activity out of middle and upper-middle-class residential neighborhoods. But that is starting to change with the spread of new technology for oil and gas drilling, such as horizontal drilling and hydraulic fracturing, or "fracking."

The new techniques have allowed once-unreachable reservoirs of energy, trapped beneath the forested suburbs and bustling urban centers of places like Los Angeles, Denver and Cleveland, to be pumped out for the first time. As a result, millions of American homeowners now find themselves living within a mile of drilling activity that they say is deflating the value of their homes, making it hard for them to move.

It is one of the hidden costs of the oil boom, which has created thousands of jobs, spurred local economies and lowered domestic energy costs.

"You go to buy a home, you see that it has a well pad in the backyard, and essentially you might say I'm not willing to pay very much for this house," said Elisheba Spiller, an economist at the Environmental Defense Fund. "That's where the drop in value comes in."

Spiller - along with Christopher Timmins, a Duke University economics professor, and Lucija Muehlenbachs, a fellow at think tank Resources for the Future - published a working paper on Monday that found shale gas drilling within a kilometer (0.6 mile) of a home can decrease property values by an average of 16.7 percent if the house depends on wells - and not municipal sources - for its drinking water.

More...


Most Recent Related Stories...


Greenpeace protest: Controversial ship Fennica moves through protesters on St. Johns Bridge

Greenpeace protestAfter more than six hours of relative quiet, boats manned by Coast Guard officers and Portland-area...

3-hour Canadian tornado likely one of world's longest

Canada tornadoThe massive tornado that roared across the Canadian province of Manitoba late Monday was on the...

13 Climbers Suspended From Bridge Blocking Shell Oil Vessel From Heading to Arctic

Bridgehanging protestersThirteen Greenpeace climbers remain suspended below the St. John’s Bridge, blocking the Shell Oil vessel‘s route...

Greenpeace again stands in Shell's way to Arctic

GreenpeaceGreenpeace said Wednesday several of its activists have suspended themselves from an Oregon bridge using climbing...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!