2023-08-22 03:34:25
The Gas Facts annual report from the West Virginia Oil and Gas Association (GO-WV) has revealed positive growth in natural gas production, tax revenue and job opportunities in the state’s oil and gas sector. According to the report, West Virginia remains the fourth largest natural gas producer in the United States, contributing approximately 10% of the nation’s total natural gas supply.
Gas Facts highlights that West Virginia natural gas production increased 6% to 2.8 trillion cubic feet in 2022. In addition, combined extraction tax revenue from natural gas, oil and natural gas liquids contributed $714 million , representing 70% of the more than $1 billion allocated to the State General Fund of Revenue for the fiscal year ending June 30, 2023. Property taxes generated by the sector also experienced a significant increase, reaching $184 million, with funds going to counties for social programs and school districts for essential needs like computer labs, improved internet access and building upgrades.
West Virginia’s oil and gas industry plays a crucial role in the state’s economy and job market. According to a PriceWaterhouseCoopers study, the sector provides more than 17,000 direct jobs and more than 73,000 indirect jobs. The industry contributes nearly $13 billion to the state’s economy through these job opportunities.
The GO-WV Summer Meeting had record attendance, indicating a high level of interest, investment and participation in the oil and gas industry. Keynote speakers included influential figures such as US Senator Joe Manchin, Governor Jim Justice, Congresswoman Carol Miller and Chris Guith, Senior Vice President of the US Chamber of Commerce.
The growth of West Virginia’s oil and gas industry is expected to continue to fuel economic prosperity in the state. With investment and support from industry members, the sector is creating jobs and injecting crucial investment into the communities where it operates.
Sources: West Virginia Oil and Gas Association (GO-WV) Gas Facts Report
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