Oil Booms Spark 8.3% Patent Surge in Small U.S. Cities; Study of 2.5M Patents Reveals Paradox: Oil Firms Cut Innovation 8.5% During Boom Times

Booms, not Busts, Drives Innovation, Especially in Mid Size American Cities

New research provides ammunition for spreading federal R&D dollars beyond Silicon Valley. Economists Federica Coelli (EBRD) and Paul Pelzl (NHH Norwegian School of Economics) studied 2.5 million patents across 759 U.S. communities over 40+ years. Their finding: smaller urban areas innovate effectively when economies improve.Current reality: Just 5% of U.S. communities produce 75% of all patents.ShareThe boom effect:8.3% increase in overall patents when oil/gas employment doubles8.5% DECREASE in ...