Weather the storms? Hurricanes, technology and oil production

Arbeitspapier

Do technological improvements mitigate the potential damages from extreme weather events? We address this question using oil production and hurricane data from the Gulf of Mexico. We show that hurricane activity lowers well production and that stronger storms have larger impacts that persist for months after impact. Hurricanes also significantly increase the probability that oil assets are stranded, particularly when the hurricanes pass within 50km of an oil rig's location. Regulations enacted in 1980 that required improved construction standards for rigs in the Gulf only modestly mitigated the short-run production losses caused by hurricanes. The 1980 regulatory reforms also modestly decreased the probability that leases permanently exited production.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Bank of Canada Staff Working Paper ; No. 2022-36

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes ; Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models ; Energy: General ; Energy: Government Policy ; Climate; Natural Disasters and Their Management; Global Warming
• Thema: Business fluctuations and cycles ; Climate change ; Potential output

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Brannlund, Johan ; Dunbar, Geoffrey ; Ellwanger, Reinhard ; Krutkiewicz, Matthew
• Ereignis: Veröffentlichung
• (wer): Bank of Canada
• (wo): Ottawa
• (wann): 2022

Weitere Informationen

• DOI: doi:10.34989/swp-2022-36
• Handle: http://hdl.handle.net/10419/272980
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ