What is The True Economic Costs of the Mountain Valley Pipeline?
Some of the external costs described would be:
- lost property value along the right-of-way: $779,400 to $2.4 million
- reduced tax revenues
- a decrease in economic development
- ecosystem damage and loss: $119.1 – $130.8 million annually
During construction, the right-of-way would be at least 125 feet wide and require the clearing of trees and other vegetation. The pipeline trench would be about seven feet deep in most places. On the way, the MVP would pass through George Washington National Forest as well as Jefferson National Forest.
The Federal Energy Regulatory Commission (FERC) is currently working with a consultant on an environmental impact study which is necessary before the project continues. A spokeswoman for Mountain Valley Pipeline, pointed to the “broad, bipartisan coalition of public officials, residents, companies and pro-business groups that support the Mountain Valley Pipeline because of its significant economic benefits.” It is the point of view of the FERC that its review policy “balances the public benefits against the potential adverse consequences,” and Gov. McAuliffe is supporting the project.
Lead author Spencer Phillips said, however, that FERC’s review system is “really a rigged game for the industry.”
Overall the report concludes that “no systematic consideration of the potential negative economic effects — economic costs — of the MVP has been completed.”
Charlottesville-based Key-Log Economics prepared the study
Sources:
Adams, Duncan. (5/18/16). Study backed by Mountain Valley Pipeline opponents suggests negative economic impacts for region. Richmond Times
Economic Costs of the Mountain Valley Pipeline: Effects on Property Value, Ecosystem Services, and Economic Development in Virginia and West Virginia: http://keylogeconomics.com/wp1/wp-content/uploads/2016/05/EconomicCostsOfTheMVP_TechnicalReport_FINAL_20160516.pdf
Post by Mark Lewis mark@cvillems.com