The Wyoming Energy Authority (WEA), the University of Wyoming’s School of Energy Resources (SER), and the Enhanced Oil Recovery Institute (EORI) studied the environmental and economic impacts of proposed policy initiatives that suspend or restrict new leasing and drilling for fossil fuels on federal lands. The loss of production on these lands, and the associated lost revenue, will have adverse economic impacts on Wyoming and other western states while not furthering the goal of reducing global greenhouse gas emissions.
EORI’s analysis of the Federal Lease Moratorium on Wyoming’s conventional oil reserves is stark due to the fact that the federal government owns 68% of the federal minerals in the state. The federal lease moratorium will impact 75% of Wyoming’s legacy (current conventional) fields and 60% of drillable land. This will restrict access to 2.9 billion barrels of reserves and put at risk $12.9 billion in tax revenue.
The Carbon Storage Newsletter provides information on recent activities and publications related to carbon storage. It covers domestic, international, public sector and private sector news in areas such as: DOE/NETL Highlights, announcements, project and business developments, legislation and policy, emissions trading, science and publications.
In the letter, Governor Gordon and his fellow Governors stress the negative economic effect of the ban on western states with large tracts of federal land. The Order has the effect of “chasing away capital investment for long-term economic growth and undermining public services, public conservation, public safety, public education, and more.”
Secretarial Order 3395 is causing delays in routine approvals for oil and gas companies holding valid drilling permits. Governor Gordon stated the order comes “with severe implications that devastate the State of Wyoming’s revenue in the near-term with the potential to spell a long-term blow for our State’s economic wellbeing.”
Barrasso said “As ranking member, my focus will be on promoting American energy security, economic strength, and environmental stewardship. America’s West is blessed with abundant natural resources that we’ve used to become an energy superpower.
The Senate Finance Committee has broad jurisdiction over U.S. tax policy, health and federal entitlement programs, and trade policy. The committee has oversight over all or part of seven Cabinet-level departments.
In a world with many unknowns, rapidly shifting economic conditions, and an ever-changing regulatory environment, the landscape for the oil and gas industry is as it has never seen before. Wyoming’s Oil and Gas Fair commits to educate, engage, and mobilize industry and state leadership to help identify problems and solutions in order to blaze a path forward and actively shape Wyoming’s energy future.