Most of the discussion about gas drilling in the Marcellus Shale has turned on environmental questions – will it poison our water, irradiate the area, destroy our roads, and generally prove difficult to fix? All of these are important questions, but they've mostly been contrasted with rosy pictures of large royalty payments to landowners and economic benefits for municipalities.

I'd like to suggest to landowners and municipalities that being in a hurry may not be to our advantage. Yes, of course people prefer their money now, and often place a significant premium on cash up front. At the same time, though, drilling as quickly as possible also may bring a lot less return.

(more…)