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Cover IMF Working Papers
How Should Shale Gas Extraction Be Taxed?
Philip Daniel, Alan Krupnick, Ms. Thornton Matheson, Mr. Peter J. Mullins, Ian W.H. Parry, and Artur Swistak
This paper suggests that the environmental and commercial features of shale gas extraction do not warrant a significantly different fiscal regime than recommended for conventional gas. Fiscal policies may have a role in addressing some environmental risks (e.g., greenhouse gases, scarce water, local air pollution) though in some cases their net benefits may be modest. Simulation analyses suggest, moreover, that special fiscal regimes are generally less important than other factors in determining shale gas investments (hence there appears little need for them), yet they forego significant revenues.
Keywords:
WP; government; price; shale gas; air pollution; environmental risks; corrective taxes; liability; fiscal regime design; simulated projects; marginal effective tax rates; State common law; gas price; government share; fiscal regime; water quality; pre-existing gas pipeline infrastructure; supply curve; processing facility; regime design; Fuel prices; Natural gas sector; Oil prices; Oil; North America; Europe