Journal of Petroleum & Environmental Biotechnology

The impact of abandoned fracking sites on brownfield funding

3^rd World Congress on Petrochemistry and Chemical Engineering

November 30-December 02, 2015 Atlanta, USA

Clifford A Lipscomb

Greenfield Advisors LLC, USA

Keynote: J Pet Environ Biotechnol

Abstract:

When real estate researchers discuss brownfields, often former industrial sites (e.g., steel mills), automobile shops, salvage yards, dry cleaners, or illegal drug laboratories come to mind. Considering that the US has approximately 1.1 million oil and gas wells and considering the current state of the �??fracking boom�?�, the following question comes to mind: do abandoned fracking sites qualify as brownfields under the current definition? The traditional definition of a brownfield is real property that has potential or actual contamination issues that may cause reuse or redevelopment issues. After discussing this issue, the paper examines the trends in EPA and state brownfield funding for the redevelopment and reuse of abandoned fracking sites. With so many fracking wells being drilled, the potential demand for state and federal brownfield monies (i.e., grants) is expected to surpass potential funding supply in the coming decades.

Biography :

Clifford A Lipscomb is the Director of Economic Research at Greenfield Advisors, a Chartered Valuation Surveyor, and has more than 18 years of experience in economic analysis, statistical analysis, consulting, and teaching. He holds Baccalaureate degrees in Economics and Sociology from Berry College as well as a PhD in Public Policy from the Georgia Institute of Technology. He serves as an Associate Editor of the Journal of Real Estate Literature. He won the 2014 International Association of Assessing Officers’ Bernard L Barnard Outstanding Technical Essay Award. He is currently a visiting Scholar at the Federal Reserve Bank of Atlanta.

Email: cliff@greenfieldadvisors.com