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The study evaluates the impact of suspended new leasing for fossil fuel production from federal lands and waters in terms of lost production and associated economic impacts and corresponding implications on greenhouse gas emissions.
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.
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EORI initiated a review of the impact of President Biden’s E.O. 139990 and the potential impact on Wyoming oil and gas production, access to existing and future reserves, as well as state revenue.
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.
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The Department of Energy (DOE), the Office of Fossil Energy (FE) and the National Energy Technology Laboratory (NETL) release February’s 2021 Carbon Storage Newsletter (CSN) and summarizes public and private sector carbon storage news from around the world.
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.
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Governor Mark Gordon led a coalition of 17 Republican Governors urging President Joe Biden to withdraw an Executive Order that bans new oil and gas development on federal land and in offshore waters.
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.”
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Governor Mark Gordon outlined concerns over the Interior Acting Secretary Scott de la Vega’s Secretarial Order 3395, a 60-day pause on new oil and gas authorizations.
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.”
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U.S. Senator John Barrasso (R-WY) was elected senior member of the Senate Committee on Energy and Natural Resources (ENR) for the 117th Congress.
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.
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In addition to the top Republican position on the Senate Energy and Natural Resources Committee, U.S. Senator John Barrasso (R-Wyo.) announced he has landed a seat on the powerful Senate Finance Committee for the 117th Congress.
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.
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For over 23 years Wyoming’s Oil and Gas Fair has brought industry leaders together to promote the very best in the oil and gas industry in Wyoming.
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.
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