Biden’s potential oil, gas restrictions could cost Wyoming, according to study
CHEYENNE, S.D. (KOTA) - The state of Wyoming could lose more than $300 million in tax revenue per year if President-elect Joe Biden prohibits oil and gas companies from leasing federal land for drilling activity, according to a study.
The Wyoming Governor’s Office partnered with the University of Wyoming on the potential impact of a ban. The ban could restrict companies from leasing land for drilling more or ban all drilling entirely.
For eight states – Wyoming, New Mexico, Colorado, Utah, Montana, North Dakota, California and Alaska – the study found a leasing ban would result in $300 billion in investment losses over a 20-year period. The bans are apart of an effort to reduce carbon emissions to focus on renewable energy and climate change.
“The primary goal was to illuminate the challenges would be under a leasing ban. We are very concerned about diversifying Wyoming’s economy to making it less dependent on the swings a commodity market can bring,” Gordon said.
Researchers say studies were conducted in several other states and got similar results loss of revenue and jobs if there were a ban.
Copyright 2020 KOTA. All rights reserved.