NC West Virginia News

West Virginia University (WVU) is spearheading a study aimed at understanding economic resilience in the face of changes in the energy sector. The research, supported by a $100,000 grant from the Resilient Energy Economies initiative, seeks to aid policymakers in ensuring stability for rural communities that may be impacted by fluctuations in energy production and prices.

The study involves collaboration between WVU's Regional Research Institute, Institute for Policy Research and Public Affairs, and the nonprofit Center on Rural Innovation. It will analyze public finance data from sources such as the U.S. Census Bureau and the West Virginia State Auditor’s Office to understand how shifts in energy production affect local economies.

Heather Stephens, director of the Regional Research Institute at WVU, highlighted that while many communities benefit financially from coal, oil, and natural gas development through increased tax revenues and direct payments, these benefits can vary significantly. "The decisions local policymakers make about how to invest in their communities and how to deal with the volatility and risk associated with changes in energy production and its impact on local revenues can be crucial to their economic vitality," Stephens stated.

The findings will be disseminated through academic conferences, peer-reviewed journal articles, and online summaries. The project team will also engage with lawmakers, community leaders, stakeholders, and media representatives to discuss potential policy implications.

Sam Workman, director of WVU's Institute for Policy Research and Public Affairs expressed optimism about the project's potential impact: “This research has the potential to strengthen small-town economies to promote stability and future prosperity.” He also acknowledged support from the Bezos Earth Fund: “We are grateful...for recognizing the merits of this project.”

The Resilient Energy Economies initiative was created by a partnership involving Resources for the Future and Columbia University's Center on Global Energy Policy. It aims to assist fossil fuel-dependent communities across America by developing strategies that support local economies amidst evolving energy landscapes.