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Author: Javier Cano-Urbina
Publisher:
ISBN:
Category :
Languages : en
Pages : 60
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Book Description
When the Deepwater Horizon oil rig exploded in 2010, it resulted in the largest off-shore oil spill in United States history. Economic theory dictates that the oil damage and restitution payments that resulted from the spill should be capitalized into property values. To measure the extent of this capitalization, we create a novel dataset by linking surveys of the location and severity of oil observed along over 4,300 miles of the Gulf Coast to measures of local housing market outcomes. We then perform hedonic-style analysis to determine the net effects of the spill on affected real estate markets. In doing so, we provide the first plausibly causal estimates of the effect of the spill on affected housing markets throughout the Gulf region. Identification comes from a triple-difference framework that exploits the random nature of both the spill and the spatial distribution of oil that affected coastal communities as well as controlling for the confounding effects of the housing market crash. Results suggest that on net, the BP oil spill caused a significant decline in the home prices of between four and eight percent that persisted until at least 2015. This implies housing markets capitalized $3.8 billion to $5.0 billion in spill damage net of clean-up and restitution. These results are robust to numerous alternative definitions of treatment and control groups.
Author: Javier Cano-Urbina
Publisher:
ISBN:
Category :
Languages : en
Pages : 60
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Book Description
When the Deepwater Horizon oil rig exploded in 2010, it resulted in the largest off-shore oil spill in United States history. Economic theory dictates that the oil damage and restitution payments that resulted from the spill should be capitalized into property values. To measure the extent of this capitalization, we create a novel dataset by linking surveys of the location and severity of oil observed along over 4,300 miles of the Gulf Coast to measures of local housing market outcomes. We then perform hedonic-style analysis to determine the net effects of the spill on affected real estate markets. In doing so, we provide the first plausibly causal estimates of the effect of the spill on affected housing markets throughout the Gulf region. Identification comes from a triple-difference framework that exploits the random nature of both the spill and the spatial distribution of oil that affected coastal communities as well as controlling for the confounding effects of the housing market crash. Results suggest that on net, the BP oil spill caused a significant decline in the home prices of between four and eight percent that persisted until at least 2015. This implies housing markets capitalized $3.8 billion to $5.0 billion in spill damage net of clean-up and restitution. These results are robust to numerous alternative definitions of treatment and control groups.
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher:
ISBN:
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 116
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Book Description
Author: United States. Congress. House. Committee on Transportation and Infrastructure
Publisher:
ISBN:
Category : Science
Languages : en
Pages : 360
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Book Description
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher:
ISBN:
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 264
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Book Description
Author: United States. National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling
Publisher:
ISBN:
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 82
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Book Description
Synopsis: On April 20, 2010, the Macondo well blew out, costing the lives of 11 men, and beginning a catastrophe that sank the Deepwater Horizon drilling rig and spilled over 4 million barrels of crude oil into the Gulf of Mexico. The spill disrupted an entire region's economy, damaged fisheries and critical habitats, and brought vividly to light the risks of deepwater drilling for oil and gas-the latest frontier in the national energy supply. Soon after, President Barack Obama appointed a seven-member Commission to investigate the disaster, analyze its causes and effects, and recommend the actions necessary to minimize such risks in the future. The Commission's report offers the American public and policymakers alike the fullest account available of what happened in the Gulf and why, and proposes actions-changes in company behavior, reform of government oversight, and investments in research and technology-required as industry moves forward to meet the nation's energy needs. Complementary reports, staff background papers, hearing records, and other materials produced by the Commission are available at www.oilspillcommission.gov.
Author: Marie-Anne Cam
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The shares of BP plc and its subcontractors were rocked when the financial markets discovered the true impact of the Deepwater Horizon explosion as reported in the Wall Street Journal on 22 April 2010. While we track the impact of the disaster on share prices of the key participants, perhaps the most damaging response to the disaster was the introduction of the Gulf oil exploration moratorium on deep water drilling. We find that this adversely affected a range of firms in the oil and gas industry, extending the economic impact of the disaster well beyond BP plc and its subcontractors.
Author:
Publisher:
ISBN: 9780314280060
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 0
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Book Description
Since the BP Deepwater Horizon Oil Spill occurred in April of last year, there has been an onslaught of litigation, including claims by individuals, businesses, and local governments; as well as wrongful death actions brought by the families of the lost platform workers. The economic and environmental impact of the Gulf Coast oil disaster has been wide in scope and affected many. Even now, more than a year later, it is difficult to tell what the ultimate consequences will be. How will the spill impact the future of oil drilling? Has the Gulf Coast Claims Facility been successful thus far? What can attorneys do to better assist their clients in pending litigation? The Ongoing Legal Effects of the BP Oil Spill provides feedback from some of the nations leading legal minds on handling the unique aspects of spill litigation and taking a boots-on-the-ground approach with clients. These experts also discuss parallels between the Exxon Valdez spill and the Deepwater Horizon disaster, and speculate on how a recurrence might be avoided in the future. This report offers readers an on-the-spot look at the issue as it continues to unfold.
Author: C. Read
Publisher: Springer
ISBN: 0230305083
Category : Business & Economics
Languages : en
Pages : 153
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Book Description
The complete story of the devastating BP oil spill of 2010. The author puts forward an objective account of what happened, a documentation of the true costs, not the hyperbolic costs, and an explanation of the science and business of the spill and its remediation.
Author: United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Ad Hoc Subcommittee on State, Local, and Private Sector Preparedness and Integration
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 164
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Book Description
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy and Environment
Publisher:
ISBN:
Category : BP Deepwater Horizon Explosion and Oil Spill, 2010
Languages : en
Pages : 116
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Book Description
