In the Delaware Basin, Marcellus shale gas drilling is at the center of a contentious energy-water policy debate that pits gas companies, land owners, and rural towns interested in jobs versus environmental groups, water utilities, and fishermen concerned about the impacts of hydraulic fracturing on the quality and quantity of water supplies. This study reviews the Marcellus shale gas policy and regulations considered by federal, state, local, and regional agencies and estimate the economic value of potentially recoverable shale gas in the Delaware Basin with protective buffers in place compared to the value of renewable water resources such as drinking water, forests, and river-based recreation.