One myth about oil and gas drilling is that it creates riches in a community in the form of increased property values. “With all the new jobs,” the industry says, “buyers will be falling all over themselves to buy your property.” Not true.
Over the next three days I’m going to look at how the expansion of oil and gas drilling in a community actually lowers property values, reduces the ability of property owners to borrow against their property and prevents them from obtaining insurance against the damage drilling causes.
One important thing to understand about fracking is that it has brought drilling closer to the homes of more and more Americans. The technology is so much more efficient than conventional drilling that it is now more economical to drill in places where it was never possible to do so before. According to the Wall Street Journal, more than 15 million Americans now live within a mile of an oil or gas well. If you are one of the 20,000 people living in Stillwater or Carbon County this is not good news.