Oil and Natural Gas Industry Contributes $2.42 Billion in Taxes in 2023
Revenues from Industry Support Education, Infrastructure and Public Services Across Wyoming
June 26, 2024
Casper, Wyo. – The Petroleum Association of Wyoming (PAW) proudly announces that the oil and natural gas industry has made a monumental contribution of $2.42 billion in taxes to the state of Wyoming in 2023. This significant financial support underscores the vital role that the industry plays in fueling the state’s economy and supporting essential public services.
“The oil and gas sector remains a cornerstone of Wyoming’s economy,” said PAW President, Pete Obermueller. “Our industry’s contributions are more than just numbers; they represent real, tangible benefits to every resident in the state. From funding our children’s education to maintaining critical infrastructure, these revenues help sustain the quality of life in Wyoming.”
The breakdown of the $2.42 billion in taxes paid by the oil and gas industry is as follows:
- K-12 Education: $1.16 billion
- State General Fund: $627 million
- Counties: $174 million
- Public Infrastructure: $96 million
- Cities and Towns: $46 million
- University of Wyoming and Wyoming Community Colleges: $48 million
- Permanent Mineral Trust Fund: $257 million
- Agency Support: $9 million
Supporting Education and Future Generations
A notable portion of the tax revenue, $1.16 billion, directly funds K-12 education, ensuring that Wyoming’s children have access to quality education and resources necessary for their academic growth. Additionally, $48 million has been directed towards the University of Wyoming ($14 million) and Wyoming community colleges ($34 million), fostering higher education and equipping students with skills for successful lives.
Strengthening Public Services and Infrastructure
The oil and natural gas industry’s contribution of $96 million to public infrastructure ensures the maintenance and development of essential services and facilities that Wyomingites rely on daily. From roads and bridges to public buildings, this funding is critical for the state’s ongoing development and safety.
Benefiting Local Governments and Future Stability
State and local governments also benefit significantly from the industry’s contributions, with $627 million for the state general fund, $174 million going to counties and $46 million to cities and towns. These funds are crucial for local governance, enabling the provision of services that directly impact residents’ daily lives. Furthermore, the $257 million destined for the Permanent Mineral Trust Fund exemplifies the industry’s contributions to Wyoming’s future financial stability, providing offsets to future tax burdens for all Wyomingites.
About PAW: Representing Wyoming’s primary economic engine, the Petroleum Association of Wyoming, is the voice of the oil and gas industry. Our members produce 90% of Wyoming’s oil and gas, generating over $8 billion in economic activity and employing more than 19,000 of Wyoming’s hard-working men and women. PAW strives to foster mutually beneficial relationships with Wyoming’s landowners, businesses, and communities while promoting the sustainable production of Wyoming’s abundant resources.
The Petroleum Association of Wyoming provides a forum for education, interaction, and unified action for members, policymakers, and the public.