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Institutions and the shale boom

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  • MURTAZASHVILI, ILIA

Abstract

This paper uses the institutional economics of Douglass North to explain three features of the shale boom: why fracking technology emerged in the United States, the rapid increase in production of natural gas in the United States and the uneven response to these new economic opportunities in shale-rich economies. It argues that the institutional matrix of the United States, in particular private ownership of minerals, encouraged experimentation on the barren Texas oil and gas fields, where fracking technology emerged and the rapid transfer of mineral rights to gas companies. Institutional entrepreneurs, namely landmen and lawyers, facilitated contracting between owners of mineral rights and drillers. Private ownership of minerals and an ideology supportive of drilling provide insight into the adoption of regulations that encourage hydraulic fracturing.

Suggested Citation

  • Murtazashvili, Ilia, 2017. "Institutions and the shale boom," Journal of Institutional Economics, Cambridge University Press, vol. 13(1), pages 189-210, March.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:01:p:189-210_00
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    Cited by:

    1. Şevkat Özgür & Franz Wirl, 2020. "Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview," Energies, MDPI, vol. 13(21), pages 1-25, October.
    2. Ilia Murtazashvili & Ennio E. Piano, 2019. "Governance of shale gas development: Insights from the Bloomington school of institutional analysis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 159-179, June.
    3. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055.
    4. Jeffrey Rous & Vicki Oppenheim & Myungsup Kim & Matthew Fry & Chetan Tiwari & Murray Rice, 2020. "Evaluating determinants of shale gas well locations in an urban setting," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 65(3), pages 645-671, December.

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