Front Matter Page
Fiscal Affairs Department
Contents
Abstract
I. Introduction
II. Brief Overview of Shale Gas Industry
III. Environmental Risks and Policy Responses
A. Risks
B. The Role of Fiscal Policy
C. Alternatives to Taxes
D. Summary
IV. Fiscal Regimes
A. Fiscal Regimes
B. Modeling Strategy
C. Results
V. Conclusions
Tables
1. Summary of Instruments to Address Environmental Risks of Shale Gas
2. Parameters for Simulated Projects
Figures
1. Growth of the US Shale Gas Industry
2. Top Ten Countries’ Technically Recoverable Shale Gas Resources, 2013
3. US Oil and Gas Prices
4. Estimated Air Pollution Damages from on-Road Diesel Vehicles
5. Impacts of Policies Limiting Shale Gas Production
6. Economic Costs of Mispricing Water Supply
7. Efficiency of Mitigation Policy Under Uncertainty
8. Oklahoma’s Effective Royalty Tax on Natural Gas under Alternative Price
9. METRs and Breakeven Gas Prices
10. Average Effective Tax Rates
Boxes
1. Trends in Natural Gas Prices
2. The Regulation of Shale Gas Development in the United States
3. Private Information and the Relative Efficiency of Liability vs. Regulations/Taxes.
4. Common Advice on Extractive Industry Fiscal Regimes
5. Indicators used in Fiscal Regime Analysis
6. A Closer Look at Shale Incentives in Oklahoma
7. Major Differences: Shale vs. Conventional Gas and US vs. Europe
Appendixes
A. Details of Fiscal Systems in the Sample Jurisdictions
B. Further Details on Representative Projects for Fiscal Regime Analysis
Appendix Tables
1. North American Regimes
2. Non-North American Regimes
References