Oil and gas Production on Federal Lands Boosts Jobs and Revenues in Several Key States

canadafreepress.com | 1/20/2020 | Institute for Energy Research
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Oil and gas production on public lands has increased significantly since President Trump took office. President Trump has opened up millions of acres of land administered by the U.S. Bureau of Land Management (BLM) for resource development. Drilling permits have increased almost 40 percent under the Trump administration, according to BLM data. Several states (e.g., New Mexico, Wyoming, and Colorado) have benefited from the increased activity on federal lands. Forty-eight percent of the revenue from lease sales goes to the state where the oil and gas activity is occurring for their roads, schools, and public services; the rest goes to the U.S. Treasury. If the leases result in producing oil or natural gas wells, revenue from royalties are also shared with the state.

Despite the benefits of energy production on federal lands, many of the Democratic Party’s presidential candidates oppose it and the Democrats in the House of Representatives have proposed a bill to temporarily halt leases. Federal lands account for about a quarter of our nation’s oil, natural gas, and coal production. In 2018, oil production on federal lands was 815 million barrels, natural gas production was 4.2 trillion cubic feet, and coal production was 310 million tons.

Study - Global - Energy - Institute - Energy

A study by the Global Energy Institute found that if energy production were banned from federal lands and waters, through a ban on future federal-lands leasing and prohibiting the current production of these resources, the result would be an increase in energy prices for consumers due to the removal of low-cost resources from the available supply stream. The ban would lead to the loss of hundreds of thousands of American jobs and billions of dollars in revenues to the U.S. Treasury and to many western states.

Besides losing almost a quarter of the nation’s current production of coal, oil and natural gas, the nation...
(Excerpt) Read more at: canadafreepress.com
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